Trader names next Bitcoin target after a minor correction

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

VSA and Price Action Analysis

Bitcoin has broken out of Wyckoff accumulation, Schematic #1, and is testing the formed level that will serve as support.

The Creek level according to the VSA method is quite significant; therefore, we are very likely to see a false breakout of the $36 820 level on the CME.

From the angle of attack by sellers, one can determine that the structure is weak, the bears’ efforts are not enough for an impulsive price decline. This means that the current local supply is only corrective for a further rise with the aim of breaking through the $42 730 level.

In the coming days, a modest pullback is likely, followed by a resumption of buying. Shorting is extremely risky, because a short position against the trend, the level, the effort, and the half-wave has a negative mathematical probability. It is better to catch a long at the end of the corrective move.

Horizontal volume and delta analysis

In every wave there are battlegrounds where buyers and sellers clash, which are tested in 90% of cases. A good test within a trend almost always leads to a new high. The only resistance on the path is the testing through the POC at $40 500.

The next clue to the direction of price movement is the delta.

Note that control is largely with buyers, and there is no unambiguous domination even on selling waves.

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