Financial market forecasts are the private opinion of their authors. The current analysis does not constitute a trading guide. ForkLog does not assume any responsibility for the results that may arise from the use of the trading advice provided in the reviews.
The current market situation is described by Nikita Semov, a practicing trader and founder of the Crypto Mentors project.
VSA and Price Action
In the context of Volume Spread Analysis, the price of the bitcoin is locked in a range with Creek levels at $19,564. Judging by the buyer’s reaction, there is aggression. A false breakdown with a liquidity fence should not cause concern – it is a standard price movement to activate the stops.
There is pressure on the Creek level with weak horizontal reaction. Volumes decrease in a similar way when approaching a level, which additionally confirms the high probability of its breakdown.
There are EQHs at $19,950, which act as a magnet for the price. Consequently, we are likely to see the $20,000 mark in the near future. A breakdown of the base will similarly occur upwards with the subsequent termination of all accumulated volume.
Horizontal volume and delta analysis
The resulting EQHs are formed by the filling of limit orders, so they are currently a serious resistance . POCs of the unloading balance have also been actively held back by serious sell-limits . This suggests that behind these levels there is a large number of stops which will create a ‚free‘ movement of up to $20,000.
The protection of the weighted average weekly volumes is being formed at the moment, from where growth can already begin today. This will push the price into an even narrower range and create a triangle with a pressure to break through the level . Significant support has been formed at the bottom.
Another factor in unblocking all this balance into the long range is the behaviour of the OM, which signals that positions are opening on the rise and fixing on the fall. The surge in OM was fixed at $19,500, which means that limit short positions were opened .