Bitcoin (BTCUSD) Set to Rally as Downtrend Line Breaks

BTCUSD Is Poised to Break Its Downtrend Line, Leading to a Rally

BTCUSD is poised to push strongly upward. The coin is on the cusp of a pivotal test, challenging a persistent descending trendline that has constrained its progress ever since it surged past the $30,000 mark. Bitcoin price has subsequently experienced a downward trajectory, reaching its current support level of $25,250.

BTCUSD Key Levels
Supply Levels: $26,300, $28,000, $30,000
Demand Levels: $25,800, $25,250, $25,000

There’s a concerted effort to initiate a rally from this support, a move that necessitates breaking through the imposing descending trendline that looms over the market. Encouragingly, Bitcoin appears to be forming a potentially bullish slanting double-bottom reversal pattern, offering a potential path to breach the resistance.

The Elders Force Index (EFI) indicator underscores heightened bullish activity, as evidenced by the power line rising above the zero level. However, the 50-period Moving Average (MA) aligns with the downtrend line, presenting an additional challenge to overcome

BTC/USD Market Expectations

However, examining the 4-hour timeframe, the 50-period MA has descended beneath the candlesticks, serving as a supportive barrier of around $25,800. Simultaneously, the EFI line maintains stability above the zero level. Failure to breach the descending trendline could result in a retreat to the $25,000 support level, or else the price will level up to $28,000.

 

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