A practising trader and founder of the Crypto Mentors project, Crypto Mentors, Nikita Semov, explains the current market situation.
Bitcoin has recently traded lower, with an impulsive move that unsettled many traders. Here are the prospects for further movement in the price of the first cryptocurrency and the key levels to watch.
On the hourly time frame, the instrument has approached a strong support level ($63,400). This marks the upper boundary of the value area of the entire accumulation from the left. From there, a continuation of the upside move toward a new high and anchoring above $70,000 is possible.
If this support does not hold, the next important level will be $61,000. The expectations are the same — a new high.
All signs point to continued upside and the activity of a large buyer: from the appearance of cluster activity (volumes anomalous for the instrument, which could only have been generated by a large player) to the delta indicating the absorption of all selling activity within the range.
Thus, the outlook rests on taking long positions from the levels $63,400 and $61,000.
Follow ForkLog news on Twitter!