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.
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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