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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
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.
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.
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