A practicing trader and founder of the project Crypto Mentors, Nikita Semov, explains the current market situation.
On November 26, Bitcoin approached a key support level, suggesting the formation of a further uptrend. We’ll analyse which price levels Bitcoin could rally to, and which would act as barriers.
Bitcoin has reached the lower boundary of the volume range VAL — at $53,500. In trading, the rules of operation are simple: trade from boundary to boundary. The priority is to anticipate movement toward the upper boundary of VAL, located at $58,900.
At present, all market interest is concentrated below current price levels. A thick density of buy-limit orders indirectly points to a potential uptrend. If the quotes break above $61,000 and hold, the path to $63,500 will open.
I would closely monitor the formation of long setups to join the up move. Most likely, first we will see a phase of range trading around $53,500, followed by the necessary patterns, as the market must demonstrate volatility tightening.
Subscribe to ForkLog news on VK.