The BTC rate still cannot break through the EMA 200 daily TF and, in general, is under a pool of important resistance.
![](https://public.bnbstatic.com/image/pgc/202407/26fddd3f0035ebd625a1964ec27a94dc.png)
![](https://public.bnbstatic.com/image/pgc/202407/45420d20aa1ac374f2e3e7dc67167919.png)
This:
- Fibonacci level 0.236, rate $57,939,
- global upward trend from October 2023 (indicated by a dotted line, currently $57,997),
- downward trend since June 7 (currently $58,568).
A dense zone, the reaction of buyers and sellers from which is important for the market. In case of a breakdown, we will reassess the expected movement - either it will be a rebound with a maximum target of $62,987, or a reversal with a target of a new ATH.
There are chances for this - the RSI is steadily growing on the daily TF, and today there is a break in the downward structure on the daily TF (for this, today's daily candle must close at least $56,628 and without a bearish shadow). BUT even in this case, this does not negate the need for bulls to consolidate above the EMA 200 of the day TF (currently at $58,233) in the coming days.
Yesterday's analysis of#BTCis fully relevant - until the price breaks through the specified moving average - the priority is updating the local Loy, where the nearest support is the volume level of $51,604.
We don’t have any clear expectations right now. Although yesterday there were more arguments for growth - every day without a breakdown of EMA 200 reduces the bulls’ chances of success and growth from the current ones. The exhausting range since March in a wide range continues. The fourth wave exhausts and washes players out of the market before going to the new ATH. In the local picture we simply focus on marker levels.