BTCUSDT had an accumulation phase of 270 days, which is a period of consolidation before a potential move in either direction. After the breakout from the accumulation phase, the price is now heading towards the first weekly resistance level, which is at a psychological price level of $30,000.
It's possible that the price may reach this level and experience a rejection, as it is a significant resistance level. However, if the price manages to break through this resistance level, the next clear resistance level is around $40,000, which is a significant level to watch for traders.
As shown on the chart, the price is currently testing the 0.382 Fibonacci level as resistance, which is another key level to watch for traders. The 0.5 Fibonacci level is around the $30,000 area, which is the first weekly resistance level that the price is currently approaching.
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Follow the Shrimp 🦐
Keep in mind.
It's possible that the price may reach this level and experience a rejection, as it is a significant resistance level. However, if the price manages to break through this resistance level, the next clear resistance level is around $40,000, which is a significant level to watch for traders.
As shown on the chart, the price is currently testing the 0.382 Fibonacci level as resistance, which is another key level to watch for traders. The 0.5 Fibonacci level is around the $30,000 area, which is the first weekly resistance level that the price is currently approaching.
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Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Comment:
The price is testing the weekly resistance right now
Comment:
30k is the next station
Comment:
Waiting for 30k
Comment:
30k hit
Comment:
The price is testing the weekly resistance. The price needs to create a new bullish impulse above the 0.5 Fibonacci level