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BTCUSD Leaps Up from Its Descending Trendline
BTCUSD leaps up from the $26,300 support level as bulls gain hold of the market. The coin has had a hard time overcoming the bearish trendline. This battle lasted over two months when the price was forced to descend under its influence. Nevertheless, the latest encounter with the descending trendline gives a different outcome, given that the bulls have been prepped to push higher.
BTCUSD Key Levels
Supply Levels: $26,300, $30,000, $35,000
Demand Levels: $25,800, $25,250, $25,000
The initial price surge beyond the trendline was rebuffed, making the price fall back in parallel with the trendline. However, yesterday, the price took full advantage of the confluence point of the trendline and the $26,300 level to surge upward. Being free of the descending trendline, the price is now approaching $28,000.
The Moving Average (MA) Cross lines are about to cross upward, confirming a bullish trend in the market. The RSI (Relative Strength Index) on the daily chart has outlined the continuous upward progress the market has made since the global cryptocurrency dip of August 17. The RSI has now risen above the 50 mark.
Market Expectations
The MACD has come agonizingly close to equilibrium on the 4-hour chart as the price rebounds towards the $25,800 level. While the resistance trendline is still hands above the price, the MA period 50 has dropped to act more as a support for the 4-hour candlesticks. The price fluctuates, with neither bulls nor bears having the upper hand. The next market movements will give us a better understanding of the market.
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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