BTCUSD Resists Bearish Pressure and Pushes Higher
BTCUSD resists bearish pressure to push its price above the significant $35,000 level. Buyers of the cryptocurrency are having a swell time as the coin has overcome a bearish third quarter and has been firing on all cylinders since the beginning of this last quarter.
BTCUSD Key Levels:
Supply Levels: $35,000, $38,000
Demand Levels: $30,000, $28,000
In a space of two weeks, from the 12th to the 25th of October, the coin rose more than 30% to reach the significant level of $35,000. At this point, BTC sellers are trying to close the market at the $35,000 level. Nevertheless, Bitcoin has done tremendously well to resist the pressure.
On the daily chart, the price is an uptrend line as it forces itself above $35,000, and the Parabolic SAR (Stop and Reverse) dots align below the daily candles. The MACD (Moving Average Convergence Divergence) line on the daily chart rose above the zero point at the beginning of October and has been pushing upward ever since.
Market Expectations
In the 4-hour timeframe, the Parabolic SAR dots are alternating around the candlesticks as they slide upward above the rising trendline. The MACD in this timeframe is trading more laterally because of the reduced moment compared with the price surge to $35,000. Bitcoin is expected to hold above this level and then push upward some more towards $38,000.
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