Analyst warns of bitcoin price drop to close gap on CME

June 17, 2021


Analyst warns of bitcoin price drop to close gap on CME

Nanny Ventures analyst Vladimir Kavetsky talks about the current market situation.

The BTC/USDT weekly candlestick closed positively with an excellent bounce on Sunday, although there were earlier signals in favour of a decline. Elon Musk contributed to this. The price broke through the flat-bottomed triangle and managed to consolidate above $39,000.

As of this week, the price reached $41,330. There is still uncertainty in the market, as bitcoin broke through EMA-200 on the daily chart, but failed to consolidate above it. 

Nanny Ventures analyst Vladimir Kavetsky talks about the current market situation

The weekly timeframe for bitcoin adds some positivity, but don't forget the Chicago Mercantile Exchange (CME) gap around $37,700, which could close as early as this week.


On the 4-hour chart, a hike to $37,700 also looks a likely scenario. If bitcoin falls below $39,000, local support is waiting in the $37,700-$37,500 area. But on the hourly chart, three candles in a row have closed above the exponential averages.


For further gains, bitcoin needs to see a consolidation above the $41,000 level in the coming days, then we could see a hike to the $44,000-$46,000 area.


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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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