A practising trader and founder of the Crypto Mentors project, Nikita Semov, explains the current market situation.
Bitcoin’s price has not moved into the deeper correction we anticipated and has already held above the key $57,000 level. As noted in previous analysis, a close above this level opens the path to higher values for the asset, though it is not straightforward.
In the mid term we see strong buying potential with a view to a new local high. However, pay attention to the hefty spike in the $59,750–$59,810 range, which reversed the price.
It is worth noting that anomalous activity in this range also occurred on March 13, indicating an aggressive seller who is interested in these exact levels.
At present we can observe a tepid wave of buying in Price Action, evidenced by a markedly reduced angle of attack and a narrow spread of each bar — signaling a low level of buying aggression.
Thus, we may well see a reaction from the $59,750–$59,810 range, bringing the asset into balance.
In summary, we have held above all meaningful volumes of both the current month and the recent weeks, indicating clear upside potential.
Nevertheless, given the anomalous reaction near $60,000, the probability of an instant breakout above this extreme is very low. If a reaction from a cluster fill materialises, we anticipate balance in the $57,000–$60,000 range with strong upside potential.
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