Reading time: ~2 m
Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trading. ForkLog is not responsible for the results of work that may occur when using trading recommendations from the reviews presented.
Nikita Semov, a practicing trader and founder of the Crypto Mentors project, tells about the current situation on the market.
The steady growth of bitcoin continues. The potential for updating the historical maximum is already visible on the horizon. Let’s find out if we should expect a breakdown of $65,000 this week and which scenario is the most priority for bitcoin in the near future?
The global picture viewed on the daily timeframe shows the entry of quotes into the range of previously “fair” prices. The resistance (VAH) is $59,500 and the support level (VAL) is $53,500. Within this range, there is also a POC — $56,900. It is not so significant in comparison with the previous two levels, but it is advisable not to forget about its presence.
The expectation in the medium term is a balance with movement from level to level.
On the hourly timeframe, the situation is more local. The price went up after the balance was formed. The created imbalance indicates the potential for movement to the upper limit of a more global range.
Since there is a slight divergence along the delta, a quick breakdown of the $59,500 mark is unlikely. Therefore, the expectation for the next week is the balance.
It will be possible to talk about a breakdown of $65,000 only after fixing above the $59,500 mark.
#trader #spoke #probability #updating #historical #maximum #bitcoin #price