The price breaking through the resistance of $33 to $34 marks a shift in market structure. The four-hour chart shows that after a period of volatility in February, the market structure has gradually clarified in March. Early price fluctuations swung violently between the mid-$20s and the low-$30s, but after the low point at the end of February, the market has gradually formed a series of recovery rebounds.
Recent candlestick charts indicate that the price has surpassed this barrier. The chart suggests that this level now acts as support. Therefore, the structure implies that a horizontal reversal has been completed in this area.
Momentum is strengthening near the upper range. After the breakout, the price quickly rose to the mid-$30s. Multiple strong green candles indicate that there is greater upward pressure at this time. The market is approaching $35, which is very close to the reported resistance of $35.59.
However, a brief pause can be observed in this area. Slightly consolidating candles are positioned below the resistance, a trend that often represents a short-term balance between buyers and sellers. Meanwhile, the support level directly below the current structure is at $33.67, close to the recent reversal area on the chart. The price structure is tightening between key levels, with investors eyeing the opportunity to break through $36.