From the past week, Bitcoin price level didn’t offer much to the investors and has formed a strong consolidation range. The world’s largest cryptocurrency is said to consolidate between the price range of $37K to $40K.
On the Fibonacci retracement table, the mentioned range is placed between 0.382FIB level to 0.5FIB level. The price level is having a strong support zone around $37K which is placed at 0.236FIB level.
Due to the ongoing consolidation phase for BTC, it is unable to sustain above the EMA-20 ($38,975.66). The CMP recorded ($39,085.78) is looking for sustainability above EMA-20 and can be a bullish signal if able to maintain the same.
On the Fibonacci retracement table, the mentioned range is placed between 0.382FIB level to 0.5FIB level. The price level is having a strong support zone around $37K which is placed at 0.236FIB level.
Due to the ongoing consolidation phase for BTC, it is unable to sustain above the EMA-20 ($38,975.66). The CMP recorded ($39,085.78) is looking for sustainability above EMA-20 and can be a bullish signal if able to maintain the same.