The current market picture is provided by a practicing trader and founder of the Crypto Mentors project, Crypto Mentors, Nikita Semov.
Bitcoin’s steady ascent continues. The potential to breach its all-time high is already on the horizon. We assess whether a breach of $65,000 is likely this week, and which scenario for Bitcoin should take priority in the near term.
From a global perspective, seen on the daily time frame, prices appear to have moved into a range of previously “fair-value” levels. Resistance (VAH) — $59 500, and the support level (VAL) — $53 500. Within this range there is also a POC — $56 900. It is not as significant as the two preceding levels, but one should not forget about its presence.
The mid-term outlook is a balance, with movement from level to level.
On the hourly time frame, the situation is more local. After forming a balance, the price moved upward. The created imbalance points to the potential movement toward the upper boundary of the broader range.
Because the delta exhibits a minor divergence, a rapid breach of the $59 500 mark is unlikely. Therefore the near-term expectation is a balance.
Talk of breaking through $65,000 will be possible only after the price has held above $59,500.
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