Nanny Ventures analyst Maxim Lenets talks about the current market situation.
Last week, bitcoin set a new local low of $28,805. However, the weekly BTC/USDT candlestick closed with a $34,700 pinbar, despite the shutdown of miners in China, indicating a positive trend.
If you stretch the Fibonacci grid from the last retest of the upper bound of the $41,330 range to the local low, the price tested the 0.618 level ($36,500) several times on June 29, but the buyers were unable to consolidate higher.
If they manage to keep bitcoin above $36,500, the next resistance zone will be the $39,000-$40,000 price range. The market is showing positive sentiment, but a high level of fear remains. It is difficult to talk about medium-term buying until the large timeframes consolidate above the $40,000-$41,000 level.
The local uptrend structure persists. On the 4-hour chart, bitcoin price is holding above EMA-72/89. Ideally, we need to close the candle above $34,900-$35,000 to hike up to retest the opening daily candle.
The EMA-200 passes in the $36,900-$36,800 area, so it is important to see the BTC price fix above $37,000 on the 4-hour chart for a further move up.
On the hourly timeframe, the BTC price has tested Monday's POC level ($34,400) and is trying to rebound for now. If sellers sell the price lower, the next local support will be $34,000-$33,500.
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