Trader weighs the advisability of buying Bitcoin at the current price

A practising trader and founder of the project Crypto Mentors, Nikita Semov, explains the current market situation.

The decline in Bitcoin’s price is fuelling growing panic among crypto investors. We will outline the main directions and the key levels for the current market situation.

Bitcoin is in a range of $37 000-$31 500, formed from a high-volume value zone on the left. In this range there is a possibility of a price pause, consolidation, and a subsequent move to the upside.

The key levels for making decisions right now are:

• $37 000;
• $34 000;
• $32 900;
• $31 500.

As long as the price remains within the balance described above, there is no talk of a trend reversal or a breach of the downtrend structure.

Longs should be initiated on a breakout above $37 000 with a close above this level, which can be tracked by OrderFlow patterns. Long positions will also be relevant after surpassing the $28 800 mark in the form of a false-range expansion and a close above $31 500.

Considering purchases at current levels is not advisable — Bitcoin is likely to test lower prices in the mid-term.

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