Analyst outlines the aims of a potential local Bitcoin price correction

Analyst Vladimir Kavetsky of Nanny Ventures explains the current market situation.

Last week, the bitcoin price closed positively at just under $44,000, marking the third straight week of weekly growth. On the daily chart, the price bounced nicely off the moving averages (EMA-72/89), and Bitcoin confidently rose above $42,000, ultimately securing a close above the trading range that has lasted two and a half months.

This week, Bitcoin continues its upward movement and is approaching a strong resistance zone of $48,000-$50,000. On the daily chart, the price has been attempting to break above $46,500 for the third day, but buyers lack momentum. It is reasonable to expect the price to move up toward the resistance zone and then undergo a local correction to the $44,000-$42,000 levels as soon as this week or the next.

On the 4-hour and hourly charts, the price is struggling to clear $46,400, with sellers holding the level for three days.

For a global continuation of the rally, a small local correction to $42,000–$44,000 from current levels or after reaching the $48,000-$50,000 resistance zone would be desirable.

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