Trader Outlines Bitcoin Price Prospects

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

In recent days, Bitcoin has formed a stable balancing structure in line with the previous overview. The main expectation in this scenario is for continued rotation within the range, with potential for a further downward correction in the context of a medium-term uptrend.

The price is trapped within a sideways range, with the upper boundary of VAH at $46,875 and the lower boundary of VAL at $44,000. In such market constructs, the greatest statistical probability lies with trades opened from boundary to boundary.

The cryptocurrency market, like any other traditional instrument, operates on the principle of a double auction: prices move from the cheap range to the expensive range, and from the expensive to the cheap. Buying within the current local horizon is irrational, because higher seller levels lie above:

• $47 175;
• $48 500;
• $49 400.

The main priority is to test $39 700 as the key demand level, at which we expect patterns of renewed buying activity. The target after a successful test, if the market provides it, is a breakout of the $49 400 level.

Subscribe to ForkLog news on VK!