Trader Identifies Key Bitcoin Support and Resistance Levels

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

In recent days, Bitcoin has offered crypto traders little beyond a narrow range of $47,000–$48,000. We assess which direction the flagship cryptocurrency is most likely to move out of this range, as well as the strong support and resistance levels expected for the price in the future.

On the 30-minute time frame, price moved outside the balance and established acceptance above $47,200. This indicates a genuine attempt to hold into higher-price territory.

The structure of any trending move—’impulse — correction — impulse’—therefore the breakout from the current local corrective ‘flag’ is expected to be upward. Strong support levels are $47,200 and $46,500, and the nearest major resistance is at $50,000.

From a more local horizon, attention should be paid to the appearance of clustered volumes at the bottom of the range. This signals interest in locally cheap levels. A large buyer is stepping in, preventing quotes from moving lower.

The main expectation is a correction slightly below current levels, followed by a move toward the resistance at $50,000.

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