Analyst outlines prospects for Bitcoin moving above $40,000

Market commentary comes from Maxim Lenets, an analyst at Nanny Ventures.

Last week’s candle closed neutral — we are still trading in a wide range, within which a local narrow band has formed, spanning from $36,000 to $32,500. At these levels, market makers have been effectively manipulating the price.

From a technical standpoint, if this week’s daily candle closes above local resistance ($36,000), there is a probability of moving higher to retest the resistance zone at $40,000–$41,500. If a successful breakout above this zone and a subsequent retest are achieved, buying could be considered with targets of $46,000–$48,000.

If sellers manage to push the Bitcoin price below the local level ($32,500), there is a high likelihood of retesting $30,000 with a possible new low for the current range at $28,805. In that case, stop-loss and liquidation prices could reach the $26,000–$24,000 zone.

On the 4-hour chart, it is clear that the price broke the EMA 72/89, held above, retested, and is trying to move higher toward the next zone of $36,000. After the strong drop in May, the price failed to sustain above the EMA200, which is currently around $36,000. Quotes are tightening, and we may soon see an impulsive move higher in line with the above scenario.

On the hourly chart, with buyers in control, we will need to break through the first control zone at $35,450 to move toward $36,000.

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