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BTCUSD Analysis: Bitcoin (Btcusd) Is Rising in a Stepwise Fashion
BTCUSD is rising step-wisely as the coin gradually embarks on a recovery mission to regain lost levels. The market eventually halted the prolonged bullish session using the $16360.0 support level. It took several weeks, ranging from late last year into this year, to achieve this. The bulls are now multiplying in the market to drive the price up step-wisely.
BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0
The Bitcoin market is seen making its recovery through a stepwise upward movement. This means that at intervals, the coin springs upward, breaking the immediate resistance, and then later pulls back to rest above that same resistance level. So far, this has been done to climb above the $19460.0 and the $24810.0 significant levels.
The market is poised for another upsurge that will take the coin above the $30410.0 resistance level. Currently, the price has risen off the $24810.0 key level. The MA Cross (Moving Average) line is about to cross upward in response to the bounce of the candles off the $24810.0 support level. The MACD (Moving Average Convergence Divergence) lines have likewise crossed upward toward the zero level.
Market Expectations
On the 4-hour chart, the market is already rising in the direction of the upward cross of the MA Cross. The MACD lines have already risen above the zero level on the 4-hour chart, and bullish histogram bars are also seen increasingly growing. Bitcoin is expected to push through above the $30410.0 key level and then pull back to retest the level before rising to higher prices.
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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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