Today, Bitcoin exhibited a significant upward spike, although its rally halted precisely at the 527% Fibonacci resistance level. This occurrence has raised questions regarding the potential for further price increases. Interestingly, this could be precisely what large investors are waiting for – a consolidation at this level. So, while there is an increased likelihood of a downward move for BTCUSDT, market dynamics may unfold differently than expected.
In the current landscape, it's a risky endeavor to make definitive buying or selling decisions as Bitcoin maintains its range-bound state within the $25,000 to $31,000 price consolidation zone. However, if the present resistance, situated at the psychological level of $30,000, is conquered by the buyers, we anticipate a continuation of the upward trend. In this scenario, the next significant target emerges around $34,800, aligning with a double Fibonacci resistance level.
In the current landscape, it's a risky endeavor to make definitive buying or selling decisions as Bitcoin maintains its range-bound state within the $25,000 to $31,000 price consolidation zone. However, if the present resistance, situated at the psychological level of $30,000, is conquered by the buyers, we anticipate a continuation of the upward trend. In this scenario, the next significant target emerges around $34,800, aligning with a double Fibonacci resistance level.
Trade closed: target reached
The Whales' Waiting Game Ends: #BTCUSDT Shatters Resistance, Hits Target 🚀 #Bitcoin
Note
An update
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.