Analyst outlines further likely moves in bitcoin price

July 1, 2021

Analyst outlines further likely moves in bitcoin price

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.

Ventures analyst

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.

hourly timeframe

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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