For the first time since the major correction occurred, BTC has crossed 200 EMA resistance in the higher time frame of the 4H chart.
Bitcoin has entered a bearish trend since Tesla renounced their decision to accept Bitcoin as a payment method. Usually, the price moves between support and resistance of $30,000 and $41,000 respectively.
The G7 summit was expected to create a great FUD against bitcoin and push it below $25,000 but it passed without any bitcoin news.
The following week was good as Tesla revealed that it sold only 10% of its bitcoin holdings and can again start accepting bitcoin as a payment method: keep that in the eye, we predicted the price of bitcoin to touch $40,000 and it happened the same day.
The situation as now is a bit risky as bitcoin has twice rejected the resistance of $41,900 and three times flirted with support below 39,700 coming out of another wedge after failing to rise from a bullish flag.
For the first time since the major correction occurred, BTC has crossed 200 EMA resistance in the high time frame of the 4H chart. For a proper break out we will need to have the 4H candle closing along with 2-3 more 4H candle formation with good volume above the resistance level to consider it a proper breakout.
The next level we face is much heavier at 41500 USDT. To break out, we will need a daily closing above the resistance level and a minimum of two candles of 4H.
This article provides a fair market preview however, it is not financial advice, DYOR.