Trader weighs the odds of Bitcoin breaking above $50,000

The current market situation is explained by a practicing trader and founder of the Crypto Mentors project Crypto Mentors Nikita Semov.

The price is in a sustained uptrend: every new low and high is higher than the previous. At the moment, being at the upper boundary of the channel, Bitcoin is not eliciting a seller’s reaction.

From Price Action price analysis perspective, attention should be paid to surpassing the extremes A, B and C and the speed with which they are reached: the buyer moves aggressively, forging impulsive moves. The seller, by delivering a pullback, yields a very weak reaction, manifested in a weak attack angle.

At the local upper boundary of $48 320, each successive attempt to push lower has grown increasingly ineffective: signs of a strong buyer have appeared, detectable via the delta and big buy trades (large trades from the tape over 200 coins at the moment) and a heavy buying pressure.

Medium-term expectation: for new highs and a move above $50,000.

If we look a bit more locally, it’s notable that we have closed above all significant selling volumes (above $46 600). A smooth test with the ‘Fade’ pattern and the emergence of large-volume reactions indicates buyer interest.

Also worth noting is that the zone $48 200-$49 300 was actively filled with sell-limit orders, signaling aggression by the limit trader. Nevertheless, if we look back, on February 8, at the ATH, his activity was observed even more clearly. Yet this did not stop buyers from pushing the quotes higher.

Thus, at the moment we see a fairly organic structure with the necessary reactions appearing in the right places, indicating buyers’ willingness to go higher. There is a very high probability that from the current range we will move to [simple_tooltip content=’historical maximum’]ATH[/simple_tooltip].

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