Trader Identifies Strong Bitcoin Support Levels

A practising trader and founder of the Crypto Mentors project, Nikita Semov, explains the current market situation.

Bitcoin has broken out of its accumulation phase in an uptrend, signalling the presence of a large buyer. We assess the prospects for the top cryptocurrency over the coming week and how to follow the trend.

Viewed through volume analysis, Bitcoin’s price is currently above the range of $63,200–$60,200, where the bulk of trading occurred. The expansion occurred by the Value Area, and therefore the primary trajectory is upward, with a rise expected.

There were no local maxima fixations (these data are visible in the clusters marked on the chart by the colored squares). This indicates that locally high levels are not rejected by a large player. A safe entry could come on a test of accumulation.

Strong support levels will be $63,200 (VAH) and $61,000 (PoC). If these levels are tested with Order Flow patterns forming, I recommend seeking buy entries with mid-term hold targets in line with the trend. Looking ahead, $85,000 per Bitcoin appears within reach.

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