Nikita Semov, a practicing trader and founder of the Crypto Mentors project, talks about the current market situation.
Last week there was a large spread and small volume, which indicates that it is easy to buy. Progress is increasing and the price approaches the key level of $20,000.
We expect the Shopping Bar to close this week. But be careful, there may be a correction wave at this horizon. We believe that in the future it will not be significant in terms of angle of attack.
Japanese candles show the Erikiri model – a bullish bodzu, a large white candle, a sign of significant strength. In the context of this model, growth is also expected.
Price Action and VSA
By analysing the spot graph, it is possible to conclude that there is a balance in the form of a reaction on the hour graph. The sales attack is weak and non-initiative, however, a local pattern of false breakdowns is generated at the tested level of $18,969. This is a deviation, which means that the price may drop to around $18,350, from where the reaction of the bulls will already have to be monitored.
The potential entry point to the longitude could be an impulse horizontal break-up with a fixation. Bitcoin Blueprint looks very strong, it is simply useless to shorten such a movement with a hold-down of more than a day.
Horizontal volume and delta analysis
At the moment, the price looks very positive. We have already established ourselves on all important POC and VA balances. However, given the fact that the breakdown itself was weak, and volumes have risen at the top , we can expect a rollback to this week’s value zone of $18,400-$18,690. After that, the upward movement is likely to resume.
We can also see an intensive growth of OM , which suggests that this movement is true. From a global perspective, Bitcoin looks very long.Categories: Bitcoin