BTCUSD - Still on vacation - Weekly chart
Since June, Bitcoin has not been pampering us with its volatility. The bulls slowed down at the first resistance of a very strong supply zone of $31,580 - $35,900.
It consists of 50% Fibonacci from the downtrend in March 2022 supported by the Price Action zone from May-June 2021. The upper band of this zone is 38.2 Fibonacci measured from the ATH in November 2021 supported by the Price Action from January-February 2022.
The bulls will need a strong impulse to overcome this zone - it will also be a marker for me for the near future how to play the market on lower time frames.
More about this in my next analyses, where I will take a closer look at this situation.
It consists of 50% Fibonacci from the downtrend in March 2022 supported by the Price Action zone from May-June 2021. The upper band of this zone is 38.2 Fibonacci measured from the ATH in November 2021 supported by the Price Action from January-February 2022.
The bulls will need a strong impulse to overcome this zone - it will also be a marker for me for the near future how to play the market on lower time frames.
More about this in my next analyses, where I will take a closer look at this situation.
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