Nikita Semov, a practicing trader and founder of the Crypto Mentors project, discusses the current market situation.
Last week, Bitcoin delighted with an update to the price high. Let’s explore what to expect in the near term and where you can safely join in on buying if you haven’t done so already.
The price of the first cryptocurrency is range-bound between $63,550 and $60,250. Expectations for any balance structure are built on rotation between the bounds. But by indirect signs one can determine the direction of the exit from the sideways range.
In this case, the main element guiding the direction is the preceding trend, which indicates an exit from the range upward.
Another noteworthy element is the divergence between price and cumulative delta. The price within the range shows an excess of selling pressure, which does not push the quote lower. This suggests the existence of liquidity pockets absorbing all market orders.
Thus, the main expectation is for continued rotation within the indicated range with a further breakout above $63,500 and the development of a further uptrend. The mid-term target for Bitcoin is seen at $85,000.
Subscribe to ForkLog’s channel on YouTube!