Bitcoin (BTCUSD) Takes Significant Step Towards Sustaining Uptrend

BTCUSD Analysis: The Market Surpasses the Key Level of $30410.0

BTCUSD takes a major step to continue its uptrend movement. The market has been struggling at the $30410.0 significant level as weariness gradually enters the bulls’ camp. However, the period of price accumulation around this level has helped to maintain the coin above that level and re-energize the buyers. The market has formed a bullish flag. By doing so, the coin takes a major step to keep pushing up.

BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0

Despite the price hiccup around the $30410.0 significant level, BTCUSD remains gliding through an ascending channel, a move it has begun from the $16360.0 demand level since the beginning of the year. The movement through the ascending channel has been quite systematic, allowing the buyers to refuel before another upsurge.

However, at the $30410.0 significant level, there has been more resistance to the upward market flow than at other points. This led to price accumulation at that point. This eventually leads to the bullish flag structure formation, which will surely pump the market. The MA period 25 (Moving Average) is firmly below candles, acting as support to push up the price.

Market Expectations

The (EFI) Elders Force Index power line, which has always been above zero but was dipping, has sharply bounced off the zero level on both time frames as the market vies for a breakout. The MA period 25 remains aligned below the 4-hour candlesticks to show more bullish tendencies in the market. The market is therefore pushing to reach $34760.0.

 

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