Trader names the next Bitcoin target after $17,000

Market participant and founder of the Crypto Mentors project, Nikita Semov, explains the current market situation.

Since last week’s bar closed as expected, the presence of a major market participant is confirmed, and the picture remains broadly unchanged.

The bar spread last week is small within the wave’s matrix, yet relatively moderate versus the previous. On the left edge there is nothing significant from which a sharp selling reaction could be produced. Volume is average, growing.

Progress has slowed, but note that the bar was a testing bar, so it is all to be expected. The result appeared on a week with JOC, and now there is a test of a productive bar. According to the profile, more volume distributed to the lows, confirming the test status. The expectation is for a bar higher into the current week.

In Japanese candlesticks, ‘erikiri’—the pattern from the previous week that was tested. There is every chance of seeing substantial upside.

Price Action and VSA

The price context remains broadly bullish, therefore entry patterns should be sought based on a long-side scenario. Selling dominance is not visible—the attack angle on the test is weak.

On the four-hour chart there is also a confirming bar, giving additional confidence in the bullish initiative. Looking at the five-minute timeframe, we see an SP (SFP) + TSP signal, and from this deviation the buying movement has been developing well (on an OB test).

Analysis of Horizontal Volumes and Deltas

The impulse phase continues; we are now above all value zones and major volume clusters. With nothing above to hold us back, a bullish rally can be anticipated.

The initial target is a VWAP deviation around $18,300. If there is no fixing or other consolidation setups to hold, the target could be reached within the next two weeks.

In terms of cumulative delta, aggressive buyers have finally stepped in and begun to correct the dire selling divergence.

Open interest rises with price. This indicates there is fuel for a move higher.

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