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BTCUSD Is Struggling to Bypass Its Descending Trendline
BTCUSD is struggling to overcome the descending trendline that has capped its market since mid-July. Every attempt to bypass this line has been met with resistance each time. This happened a couple of times in August.
BTCUSD Key Levels
Supply Levels: $30,000, $28,000, $26,300
Demand Levels: $25,250 $25,000, $19,500
The best shot of Bitcoin at breaching the descending trendline came this month, starting on the 12th and peaking on the 19th. The trendline caused the coin to fall back and trade downwards after buyers became exhausted due to the broken line.
The Bollinger Band shows that despite the sharp price rise, the market reacts only between $28,000 and $25,000. The RSI also echoes this sentiment, moving within the bearish half of its chart.
BTC/USD Market Expectations
On the 4-hour chart, for the RSI (Relative Strength Index) indicator, its line has ranged from the oversold to the overbought border since August, when the price dropped around $25,000. The Bollinger Bands have squeezed onto the 4-hour candles, which range between 28,000 and $25,000. The coin is expected to eventually break the descending trendline and push upward on or before it gets to $25,800.
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