Practicing trader and founder of Lopexbit tells about the current market situation.
During the last week bitcoin has been forming an uptrend. Let’s find out if we should wait for a complete market reversal and further upward movement or if we are dealing with a correction, which will end with a sharp price decrease?
The market pushed out from the key support level of $32,900. The movement came from the Point of Control, which has been stretching since the left side of the chart. Cluster support indicates that there is demand at this point. An additional sign of a local pullback was delta control, according to Lopexbit.
Despite the good dynamics of the buyers, globally the downtrend continues. The key zone from which the downward movement is more likely to resume is $41,500-$41,800. From this range we can see the movement to new minimums and test the price of $28,000 per bitcoin.