A practising trader and founder of the Crypto Mentors project, Nikita Semov, explains the current market situation.
With each passing day, Bitcoin’s volatility is decreasing further, a clear precursor to the forthcoming expansion and the emergence of a directional move. We will consider the prospects and identify where the interest of large capital lies.
Over the past week, the global outlook has not changed. The asset has formed a fair-value zone above the left-hand portion of the range.
There is also a volume-based support from below, indicating buyer initiative at locally cheap prices. The main expectation from such formations is an upward move.
A more local view likewise provides information about rejection of locally cheap prices within the range of $63,400 to $60,400. The price reaches the upper boundary much faster than the lower one.
There is also bottom support and a reaction to peak volume. All these signs point to the presence of a large buyer keen to drive the price higher.
The likelihood of further upside is also statistically supported, as November is one of the most profitable months for both Bitcoin and the US S&P 500 index.
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