Bitcoin hit a peak 10-April 2023, this led to EMA200 being tested as support.
EMA200 holds 12-June and Bitcoin resumes upwards but fails to break April's peak/resistance at $31,000.
This is an analysis based on the moving averages.
Four weeks straight Bitcoin fights at the $31,000 level without success and is pushed back down, again, EMA200 working as support.
If EMA200 holds now (which is as good as confirmed after this level held for 5 weeks straight), then Bitcoin is set to move higher and hit a new high based on Fibonacci proportions and the EMAs.
The fact that the rejection at 31k led to a higher low, signals that this resistance will break the next time that it is challenged on the way up. The major level after 31k is $40,900 and thus the $40,000 minimum target.
👉 This is the minimum if Bitcoin closes this week green and moves ahead (bullish follow through) but not the maximum, there is more.
👉 Bitcoin can continue higher and go as high as $50,000 (or even $60,000) as good news shower the market after so much negativity for years on end... What will the good news be? Who cares, Bitcoin is going up!
Namaste.