The market’s current situation is explained by Nikita Semov, a practising trader and founder of the Crypto Mentors project.
Key changes are underway, namely a shift from a balance phase to a trending phase.
Bitcoin has held above the key resistance at $49 200. This level marks the upper boundary of the accumulation zone in which the price spent more than two months.
In the third decade of September, a significant volume buyer array was tested, where anomalous buyer activity was observed, expressed in cluster filtrations. There is now a very good cushion for a further upside move.
However, a seller’s balance lies ahead. That is why the nearest key resistance level will be $53 000.
Until we close above this level, talk of further upside and, in particular, of a new all-time high cannot be justified.
If at $53 000 sellers defend the level, most likely we will see the formation of another balance in the range $49 200-$53 000.
If we manage to rise above $53 000, the range $53 000-$60 000 will become relevant. In it one can expect the continuation of the rally up to the upper boundary of accumulation — $60 000.
However, realising such medium-term scenarios may take weeks.
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