The current market situation is explained by practising trader and founder of the Crypto Mentors project, Nikita Semov.
Just yesterday the market was shaken by a manipulation related to the appearance of a fake news about Walmart and Litecoin. In this review we will analyse how market participants reacted to this information and in which direction Bitcoin is likely to move in the coming days.
On the daily time frame, yesterday’s news trigger appears to have had little effect on Bitcoin’s price. The price continues to trade in a sideways range with a shrinking volatility in the demand zone.
Judging by the Footprint chart type, which allows price to be viewed under a microscope, in yesterday’s candle the bulk of activity was concentrated at the bottom. There is both limit protection and buying pressure from buyers. This means the market is quite ready to accept prices around $44,000. In this region, bullish activity is responsive.
From a more local horizon, expectations are also bullish. The price sits within the Value Area of the previous week, and attempts to move lower are restrained by an aggressive buyer.
Considering the rising price context and the defense at around $44,650, we expect continued balance with the potential to move beyond $47,325. Beyond that, the $50,000 mark will be a strong hurdle for a rally.
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