Trader points to first resistance after correction to $50,000

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

At the moment, the price has stalled at the $50,700 level, selling momentum has cooled, so it is time to outline the possible paths for price movement.

Since the cluster of sellers concentrated at the $52,500 level did not hold, one can safely expect a move higher.

Nevertheless, given the overall bearish context of the last weeks, close attention should be paid to the $54,500 resistance and consider scenarios for the continuation of the short-selling momentum specifically there.

If there is no adequate reaction to the $54,500 level, the next key level will be $56,510.

A break above the 57,300 high would invalidate the short scenario. In that case, longer-term long positions can be considered.

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