Bitcoin (BTCUSD) Rises Back Into Bullish Channel
Login

Bitcoin (BTCUSD) Rises Back Into Bullish Channel

Estimated Reading Time: 3 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 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

Bitcoin (BTCUSD) Rises Back Into Bullish Channel

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.

Bitcoin (BTCUSD) Rises Back Into Bullish Channel

Market Expectations

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.

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