Bitcoin / TetherUSShort
#BTCUSDT Below an strong resistance!
🔸For the past 10 days Bitcoin has been consolidating Below an strong resistance, buyers are experiencing an strong resistance from sellers at this price level but despite the resistance buyers have been able to keep the price above $56,166.
🔹The $60,322 - $62,591 price zone is protected by the 200 MA ($62,591), the 50 MA ($61,558) a previous support and the 0.38 fib level ($60,322).
🔸On the fundamental side, Over $1.7 billion in dormant Bitcoin (29,206 BTC) was moved on-chain between August 11 and 12, Such movements often lead to selling pressure, especially in low liquidity environments, which could push prices downward.
🔹If buyers failed to push the price above the resistance the price can retreat back to the 0.5 fib level ($56,166), the support line of the descending channel and the 0.61 fib level at $52,009.
🔸On the other hand, if the resistance at $61,565 cracked and buyers managed to keep the price above that level the next targets for buyers would be the 0.23 fib level ($65,464), $60,616, $71,6977 and $73,597.
Zanzibar Trading
🔹The $60,322 - $62,591 price zone is protected by the 200 MA ($62,591), the 50 MA ($61,558) a previous support and the 0.38 fib level ($60,322).
🔸On the fundamental side, Over $1.7 billion in dormant Bitcoin (29,206 BTC) was moved on-chain between August 11 and 12, Such movements often lead to selling pressure, especially in low liquidity environments, which could push prices downward.
🔹If buyers failed to push the price above the resistance the price can retreat back to the 0.5 fib level ($56,166), the support line of the descending channel and the 0.61 fib level at $52,009.
🔸On the other hand, if the resistance at $61,565 cracked and buyers managed to keep the price above that level the next targets for buyers would be the 0.23 fib level ($65,464), $60,616, $71,6977 and $73,597.
Zanzibar Trading
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