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
#BTCUSDT Shatters Resistance, Hits Target 🚀 #Bitcoin
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An update
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