Trader outlines what to expect from Bitcoin price over the weekend

A practising trader and founder of the Crypto Mentors project, Nikita Semov, explains the current market situation.

Price analysis and vertical volume

On the daily time frame, the price has entered the support-bar zone. A revival of buying is not observed, indicating weakness among the bulls from the designated demand zone according to first-order level grading.

The expectation for the current bar’s close is selling pressure, as progress — though modest — is starting to fall. The main task is to perform a liquidity grab in the base (best seen on the hourly chart).

The local liquidity grab in UT format did not occur — there is no willingness to sell locally, despite the formation of a selling pressure. This gives grounds to expect a liquidity grab from around $10,700 to push the decline lower. This zone, according to the Crypto.Pro method, coincides with the bearish volume level from the left part, from which the decline is expected to resume.

Analysis of horizontal volumes and delta

Globally, the sideways movement does not delight us with information volume. The boundary of the previous value zone remains held, which is visible both through rising liquidity and through detected selling inefficiency, indicating a concentration of limit orders.

The balance in the balance is split almost evenly, which does not rule out a move higher. Compared with the previous sideways period, there is not yet any unambiguous dominance of selling.

Weekend outlook

Evaluating more local moves, we can observe solid support in the area of $9,935-$10,000. Analyzing the volume distribution, the price sits above them, indicating a buying bias.

The first major resistance will stand at $10,700, followed by the entire range $10,775-$10,850, breaking through which would be particularly difficult.

Given the weekend’s speculative nature, a liquidity grab and testing of these levels before the resumption of the downtrend is quite plausible.

Conclusions

Over the weekend, we expect a counter-trend move toward the zone $10,700-$10,800, from which one can search for longer-term short positions.

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