For almost two weeks, buyers are trying to come to their senses after a powerful wave of decline from 14 to 25 April. Serious intentions of sellers within the previous wave of the fall is confirmed by the fact of breaking the liquid range of $50300-51400. It was this range that slowed the panicky fall of BTCUSDT on April 18.
The sellers' second attempt to stay below this range was unsuccessful. This was the signal for buyers to start a new local wave of growth within the two-month consolidation. Therefore, this range will be a critical point for us, above which buyers have every chance to re-test the range of $60,000-61,000.
Why don't we forecast a price increase above this range? The fact is that in our global idea we showed a probable positive scenario in the BTC market:
Due to the relatively weak counterattack of buyers, the decline in the dominance of BTC intrigue in the market is growing. The weakness of the price near the historical highs alarms us personally.
If we look at the situation on the hourly timeframe, we see that buyers have found local resistance in the mark of $55200. However, after the second attack of sellers of this mark, the price of BTC bounces weaker both in volume and in the nature of price movements: Therefore, we are waiting for a re-test of $50300-51400 to make decisions about buying BTCUSD and other coins. Depending on how the price of BTC will test this range, we will make trading decisions.
P.S. In the event of a sluggish wave of decline, buyers may not release the price outside the white trend line (Chart 1h). In this case, the new growth momentum will be strong and the probability of breaking $60,000-61,000 will increase significantly. ________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!