The market’s current situation is explained by Vladimir Kavetsky, an analyst at Nanny Ventures.
\n
The weekly BTC/USDT candle closed positively, with a strong rebound on Sunday, although there were earlier signals for a decline. Elon Musk contributed. The price broke through a flat-bottom triangle and managed to hold above $39,000.
\n
During the week the quotes reached $41,330. The market remains uncertain, as on the daily chart Bitcoin tested the EMA-200 but could not stay above it.
\n
\n
On the 4-hour chart, a move toward $37,700 also seems plausible. If Bitcoin falls below $39,000, local support sits in the $37,700–$37,500 zone. However, on the hourly chart, three candles in a row closed above the exponential moving averages.
\n
\n
For further upside, Bitcoin needs to hold above $41,000 in the coming days; then we could see a move toward the $44,000–$46,000 area.
\n
Subscribe to ForkLog’s news on VK!