Taking a look at the Weekly (W) timeframe chart, it can be noticed that a crucial zone of support has been reached.
Zooming down to the lower timeframe graphs, it can be inferred that the price has been consolidating around this area for quite a while now while being unable to break below the zone of support illustrated on the chart.
Looking at the recent price action, we can witness some nice bullish pressure. This indicates that buyers have stepped into the game and are aiming to drive the price higher.
Although $36k remains as our initial target (zone of resistance that lines up with the 0.618 Fibonacci retracement level, we will be closely monitoring the lower timeframe graphs and looking for more confirmations before executing long positions.
Zooming down to the lower timeframe graphs, it can be inferred that the price has been consolidating around this area for quite a while now while being unable to break below the zone of support illustrated on the chart.
Looking at the recent price action, we can witness some nice bullish pressure. This indicates that buyers have stepped into the game and are aiming to drive the price higher.
Although $36k remains as our initial target (zone of resistance that lines up with the 0.618 Fibonacci retracement level, we will be closely monitoring the lower timeframe graphs and looking for more confirmations before executing long positions.