Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trading. Cryplogger is not responsible for the results of the work that may occur when using the trading recommendations from the submitted reviews.
A practicing trader and founder of the project talks about the current situation on the market Crypto Mentors Nikita Semov.
The Bitcoin price range continues to narrow. This means that soon we will have an impulse exit from the flat.
We have not been able to overcome the POC (point of control) of the global balance. Despite receiving a good reaction with a false breakdown from the lower border of $30,000, for the fourth week now, it has not been possible to reach the upper limit of the balance – $41,000.
This means only one thing – the weakness of the buyer. The situation is aggravated by the divergence along the cumulative delta. It indicates that the number of market buys is only increasing, but the buyer’s aggression is contained by the strong limit “slab” of the seller.
More locally, we have already positioned the Value Area of last week in sales, that is, we fixed below it. Right now, the only support is the $32,600-$32,860 range, which so far also does not show the strength of buyers.
After fixing below $32,600, we will only have to go to $31,300, the last line of defense for buyers. If it falls, then, given the number of liquidations and stops, we can safely say that the price will continue to move strongly towards $23,600.
However, despite the positioning of the last week’s value zone in sales, there may be a situation with the development of downward dynamics through the POC test of last week – $33,900.
The most likely scenario seems to be a withdrawal to $31,300. It can be realized both from the current levels and through a test of $33,900. This short scenario will be canceled if it fixes above the price of $34,700.
Subscribe to Cryplogger news in Telegram: Cryplogger Feed – the entire news feed, Cryplogger — the most important news, infographics and opinions.
Found a mistake in the text? Select it and press CTRL+ENTER
Related articles
Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trading. Cryplogger is not responsible for the results of the work that may occur when using the trading recommendations from the submitted reviews.
A practicing trader and founder of the project talks about the current situation on the market Crypto Mentors Nikita Semov.
The Bitcoin price range continues to narrow. This means that soon we will have an impulse exit from the flat.
We have not been able to overcome the POC (point of control) of the global balance. Despite receiving a good reaction with a false breakdown from the lower border of $30,000, for the fourth week now, it has not been possible to reach the upper limit of the balance – $41,000.
This means only one thing – the weakness of the buyer. The situation is aggravated by the divergence along the cumulative delta. It indicates that the number of market buys is only increasing, but the buyer’s aggression is contained by the strong limit “slab” of the seller.
More locally, we have already positioned the Value Area of last week in sales, that is, we fixed below it. Right now, the only support is the $32,600-$32,860 range, which so far also does not show the strength of buyers.
After fixing below $32,600, we will only have to go to $31,300, the last line of defense for buyers. If it falls, then, given the number of liquidations and stops, we can safely say that the price will continue to move strongly towards $23,600.
However, despite the positioning of the last week’s value zone in sales, there may be a situation with the development of downward dynamics through the POC test of last week – $33,900.
The most likely scenario seems to be a withdrawal to $31,300. It can be realized both from the current levels and through a test of $33,900. This short scenario will be canceled if it fixes above the price of $34,700.
Subscribe to Cryplogger news in Telegram: Cryplogger Feed – the entire news feed, Cryplogger — the most important news, infographics and opinions.
Found a mistake in the text? Select it and press CTRL+ENTER
