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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.
Throughout the week, Bitcoin has been in the sideways range indicated earlier. Consider the priority direction of movement of the first cryptocurrency for the coming days and outline the key points that need to be paid attention to.
From the last review, the hypothesis about the formation of balance after a strong downward impulse was confirmed. The market works in such a way that after a strong impulse there is inevitably a narrowing (narrow sideways). At the moment, the range of fair prices is $ 51,150- $ 46,200. Most likely, throughout the next week, we will see the continuation of price rotations within this channel.
In the long term, after the final formation of the value zone, we should expect the BTC price to move in an upward direction to $ 56,700. It is there that the range is located, from which we saw an exit in a downward direction.
You can join the upward movement only when the volume forms above the value zone and the test of the resulting trade. At the moment, its global structure is not broken, as evidenced by both volume analysis and Price Action.
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