A practicing trader and founder of the Crypto Mentors project, Crypto Mentors, Nikita Semov, explains the current market situation.
Bitcoin has fallen for the second consecutive week. We assess mid-term price prospects and identify zones for buying the digital gold.
Bitcoin has returned to the fair-value zone first formed in April, signaling that large market participants have accepted a corridor of $53,500–$58,900. Bitcoin is likely to stay within this range until there is initiating buying activity.
In the medium term, expect a breakout upward from the range. A favorable buying range: $54,900–$53,500, as these are important volume levels (VAL and PoC). A more secure entry will appear on a break and retest of $61,000.
There is no reason for panic — the uptrend structure remains intact, and the instrument has simply entered a balance phase. Statistically, after such a phase, a move in the direction of the previous trend (upward in this case) is more likely.
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