BTCUSDT: Turning down despite the general trend being up

Hello everyone, what do you think about the price movement of BTCUSDT?

Here is my perspective on this cryptocurrency market on a weekly time frame.

BTCUSDT has experienced a strong upward trend followed by a 1.24% correction at the time of writing. However, upon observation, we notice that the price is no longer making higher highs as it faces strong resistance at $52,000. This psychological barrier may push the price downward in the short term.

If this happens, I anticipate a retracement towards the Fibonacci levels of 0.618 and 0.5, which are around $47,518 and $45,793 respectively.

On the other hand, the technical indicator EMA 34 is still far from the price candle, although it continues to support the upward trend of this cryptocurrency. For now, we prioritize sell orders until there is sufficient confirmation from Fibonacci to break the aforementioned psychological level.

Best regards!

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what do you think ?

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