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BTCUSD Returns to an Ascending Channel
Bitcoin (BTCUSD) rises back into its ascending channel. The coin staged a bullish move, reclaiming its position within a previously established ascending channel. The year 2023 has marked a significant period of recovery for this cryptocurrency, transitioning from a bearish trend at the beginning of the year, starting at $16,500, to a bullish trajectory. Following this shift, Bitcoin adhered to the pattern of a rising parallel channel, steadily driving its price higher.
BTCUSD Key Levels
Supply Levels: $38,000, $42,570, $46,000
Demand Levels: $35,000, $33,700, $28,000
Throughout its ascent within the parallel channel, Bitcoin experienced fluctuations while maintaining an overall upward momentum. However, in mid-August, an unexpected bearish setback disrupted the market, causing it to deviate from the established channel. It took the subsequent two months for the cryptocurrency to recover from this setback and reposition itself within the ascending channel.
Now back within the channel, Bitcoin is endeavoring to breach the upper half and surpass the critical $38,000 level. Two attempts have been made to breach this level, with Bitcoin rebounding off the 50.0% Fibonacci level after the most recent attempt. Since re-entering the channel, the daily Elders Force Index (EFI) line has consistently remained above the zero level, albeit currently at a lower level due to the rejection at $38,000.
The 4-hour timeframe provides additional insights, revealing that after the initial rejection at $38,000, the price retraced and rebounded from the 61.8% Fibonacci level. Following the second rejection, a pullback occurred, with a subsequent rebound from the 50.0% level. Despite the double rejection, the EFI line has returned to fluctuating around the equilibrium level. The market, however, retains significant bullish potential, and it is anticipated that BTCUSD will successfully break through the $38,000 barrier.
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