The trader indicated the level of the first resistance after the correction to $ 50,000


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.

At the moment, the price has been stopped at the level of $ 50,700, the dynamics of sales has calmed down, so it’s time to outline further scenarios of price movement. 

Since the array of sellers with a concentration at $ 52,500 could not resist, we can safely expect a hike higher.

Nevertheless, given the general downward context of recent weeks, close attention should be paid to the resistance of $ 54,500 and to consider options for the continuation of short dynamics there.

If there is no proper reaction to the level of $ 54,500, the next key value will be $ 56,510.

The cancellation of the short scenario will be consolidation above the $ 57,300 extremum. In this case, longer-term long positions can be considered.

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