Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. ForkLog is not responsible for the results of work that may arise when using trading recommendations from the presented reviews.
Nikita Semov, a practicing trader and founder of the Crypto Mentors project, talks about the current market situation.
After the collapse of quotations due to a massive sale, the bitcoin rate went flat and does not show directional dynamics. Let’s consider the priority scenario of movement for the coming weeks and find out: is it worth waiting for a new price maximum this year?
The upward structure of the trend movement on the daily timeframe is not broken. Despite the impulse sale, the quotes are still in an uptrend, so you shouldn’t worry about the global outlook at the moment.
The breakdown price of the uptrend structure is at $ 39,550. Only in case of consolidation below this level, it will be possible to speak of a complete change in the market sentiment from bullish to bearish.
Most likely, in the next month, the bitcoin rate will show an upward movement. This is due to the fact that the first cryptocurrency tested the volumetric zone of the value of $ 50 150 – $ 44 250. The expectation from such formations is based on the continuation of the global trend.
We can see the continuation either through the formation of a protrade within the allocated value zone with a further exit higher, or through non-stop growth in the presence of an aggressive buyer.
It is too optimistic to talk about updating the maximums this year, but we can quite get closer to them. To do this, you need to go through a cascade of strong resistance levels: $ 54,350, $ 56,900, $ 59,650, $ 61,000 and $ 64,300.
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