Trader talks about the scenario of bitcoin falling below $30,000

May 25, 2021


Trader talks about the scenario of bitcoin falling below $30,000

Nikita Semov, a practicing trader and founder of the Crypto Mentors project, talks about the current market situation.

Bitcoin has been in a downtrend in recent weeks, the global long structure is broken. We are also under the main traded volumes, which further indicates a shorting context.

The quotations stopped in the balance with the limits of $30,000-$42,500, having received the reaction from the POC of the buyer's volume array ($34,000). Statistically, the exit from such balances most often occurs in the direction of the trend.

However, there are a number of signs of buyer strength in the moment that keep bitcoin from falling below $30,000 anytime soon:

  • An intact extremum at $30,000, which sets the stage for some reversal formation;
  • The presence of large stopping volumes around $32,500, which have already pushed the price out significantly;
  • Large unproductive selling at the $31,100 extremum, which suggests a trap for sellers and the presence of a strong limit buyer in the market.

Taking into account these factors, the possibility of correction to the strong sales level of $45,000 opens. From it we can expect the resumption of the downtrend to the level of $30,000 and lower.

Thus, the most promising points to join the downtrend will be the level of $45,000 or the level of $32,500 at a breakdown and a reverse test.

Find out our professional review on bitcoin lifestyle platform.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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