A practicing trader and founder of the project Crypto Mentors, Nikita Semov, discusses the current market situation.
Bitcoin is continuing to push to new extremes, but compared with last week we see rising projections of impulse waves, signaling buyer dominance.
In addition to positive aspects in Price Action, we can also observe substantial support for the current move. In the range of $47,700-$50,500 a large cluster of buyers has formed, with anomalous activity in both deltas and Big Trades, signaling smart money interest in this accumulation.
Thus, this cluster will become a very strong support if the price reaches it in the future.
At the moment, we are observing a classic and solid trend continuation model: a weak correction (wave ‘a’) and a strong revival (wave ‘b’). All the while, at the end of correction wave ‘a’ we observe active defense by buy limit orders.
Looking at a more local picture, volume is concentrated near the upper levels at the extremes, signaling a possible correction. However, there are no signs of counter-trend volume spikes, so after the correction we expect new highs.
The target zone for the correction’s halt is $51,700-$52,000.
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