Reading time: ~ 2 m
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.
One of the key and burning questions facing crypto investors and traders today is: “Should we expect a further decline in bitcoin, or will the first cryptocurrency please us with an upward rally in the near future?”
To answer this question, consider the global picture and determine the most likely scenario for the development of the movement for the month’s perspective.
Bitcoin is in the range of the “fair” value zone in the range of $ 49,300- $ 42,900. These levels are built not by price extremes, as is customary in classical technical analysis, but by the distribution of horizontal volume.
In any range, there is a strict rule of thumb to work from border to border. Therefore, until the price leaves the range, the most probable option from the point of view of mathematical expectation is to consider the continuation of rotations in the selected balance sheet. Since the price is near the upper border, we expect a decline to $ 42,900.
However, movements in the balance from level to level do not contradict the general global structure of the uptrend, which remains relevant to this day.
The main expectation from the first cryptocurrency: building a range in a dedicated price corridor with a further upward movement and renewal of the maximum at around $ 69,200 over the next few months.
#trader #told #price #bitcoin #update #maximum
