Trader weighs the case for buying Bitcoin in the near term

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

Over the past week, Bitcoin has been forming an uptrend. We’ll examine whether a full market reversal and further upside are likely, or whether we are dealing with a correction that will end in a sharp price decline.

The market rebounded from the key support level of $32,900. The move originated from the Point of Control, which stretched back to the left side of the chart. Cluster support indicates demand at this level. An additional sign of the local rebound was the delta control.

Despite the decent buyer activity, the overarching trend remains downward. The key zone from which movement downward is more likely to resume is $41,500-$41,800. From this range, a move toward new lows and testing the $28,000 level for Bitcoin is anticipated.

It is not sensible to buy digital gold at the moment. Taking all signs into account, the probability of seeing levels below the current one is fairly high. The priority trades are shorts from the highlighted levels.

Subscribe to ForkLog news on VK.