BTCUSD Price Key Highlights
- BTCUSD price has been in a steady uptrend and has completed the corrective wave from the previous rally.
- Lower highs have been formed, suggesting that the uptrend momentum might be weakening.
BTCUSD price appears to be showing a slight bearish divergence, as it made lower highs while stochastic drew higher highs.
Potential Reversal Brewing?
If the bearish divergence plays out, another move towards the rising trend line support might take place. If selling pressure is strong enough, a downside break and reversal could ensue.
Potential support zones are located around the 100 SMA and 200 SMA as well, with the short-term moving average still above the long-term moving average for now. This suggests that the uptrend still has a chance at carrying on, potentially taking BTCUSD price past the $300 resistance level.
However, a downside break of support around $275 might be enough to confirm a selloff, especially if the moving averages follow up with a downward crossover later on.
Intraday support level – $275
Intraday resistance level – $290
Charts from TradingView