Trader explains when to expect Bitcoin’s new price highs

Practicing trader and founder of the project Crypto Mentors Nikita Semov explains the current market situation.

As we noted in the previous analysis, for the continuation of the upward movement it is necessary to hold above $34,800. At the moment we have a strong impulse on abnormal volume. Let us break it down in detail, and also consider where to expect a correction in Bitcoin.

First of all, it is worth noting an exceptionally good range expansion, with an adequate projection based on Price Action. In addition, we have a break of the descending trend line, which signalled the squeeze.

At the moment, a correction for Bitcoin around $35,000 can be expected, since we have a spike in volumes oriented toward selling, an ATR (daily range) exceeding, and a divergence on lower timeframes, which indicates a locally weak price projection.

Nevertheless, after the correction we expect Bitcoin to reach new local highs.

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