Bitcoin (BTCUSD) Remains Within its Established Parallel Channel
Login

Bitcoin (BTCUSD) Remains Within its Established Parallel Channel

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more


BTCUSD Remains Stuck in the Parallel Channel

BTCUSD remains within its parallel channel as it faces another unsuccessful attempt to break out. This parallel channel has guided the market since the bullish resurgence from $16,500 at the beginning of the year, encapsulating all upward movements within its boundaries.

BTCUSD Key Levels
Supply Levels: $45,000, $47,570, $50,000
Demand Levels: $42,000, $39,800, $38,000

Bitcoin (BTCUSD) Remains Within its Established Parallel Channel

Although the cryptocurrency briefly dropped below the parallel channel in mid-August, it strongly re-entered the channel by the end of October, continuing its upward trajectory within its confines. Despite robust bullish sentiment, Bitcoin has persistently failed to break out of the channel to the upside.

Following rejection at the upper border of the channel, the price retraced to the middle line, aligning with the $40,200 key level. The Moving Average (MA) period 20 on the daily chart is a third layer of support for a potential upward rebound. The Relative Strength Index (RSI) line, previously above the overbought threshold, has now dipped below it.

Bitcoin (BTCUSD) Remains Within its Established Parallel Channel

Market Expectations

On the 4-hour timeframe, the MA period 20 has shifted above the trading level, indicating the impact of the rejection at the upper border. As the price rebounds from the $40,200 support level, the RSI on the 4-hour chart has similarly bounced off the oversold border. BTCUSD is anticipated to make another attempt to reach the upper border of the parallel channel with a renewed effort to break through.

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investment results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News