Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. ForkLog is not responsible for the results of work that may arise when using trading recommendations from the presented reviews.
Nikita Semov, a practicing trader and founder of the Crypto Mentors project, talks about the current market situation.
As we wrote in the previous analytics, in order to continue the upward movement, it is necessary to gain a foothold at $ 34,800. At the moment we have a good momentum on the abnormal volume. Let’s take a look at it in detail, and also think about where to expect a correction in Bitcoin.
First of all, it is worth noting an extremely good expansion of the range, with an adequate projection according to Price Action. In addition, we have a breakdown of the downtrend, which symbolized the squeeze.
Taking a closer look at the range of $ 29,000- $ 33,000, you can see how the main volumes were generated from below, which pushed the price out. The last wave was triggered by tough limit protection of the buyer.
At the current moment, we can expect a correction of Bitcoin to the $ 35,000 area, since we have a burst of volumes, positioned in sales, an excess of ATR (daily price movement reserve), as well as divergence on the lower TFs, which indicates a local weak price projection.
However, after the correction, we expect the main cryptocurrency to reach new local highs.
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