Trader estimates probability of bitcoin reversal to $31,000

July 30, 2021

Trader estimates probability

Bitcoin has come as close as possible to the $41,100 mark. At the moment, the price is extending in a downward direction relative to a flat built accumulation with boundaries of $39,400-$40,250.

Will the first cryptocurrency break through $41,400 (last extremum), or will the quote be headed down towards $31,200?

headed down towards

Globally, we are near the upper limit of the three-month accumulation, so the appearance of a sell-off reaction is quite natural.

At the moment we have got momentum all the way up the Value Area balance of the last two days. This gives us reason to believe that this exit is genuine. The volume support as well as the absence of cumulative delta reversal patterns in the form of depletion or absorption confirm this.

reversal patterns

This means that we can expect a correction into the $39,000-$39,400 range in the near future. After that, a resumption of the downtrend is possible.

The primary support will be $36,000, from where we can get a slight buying reaction. The main target is the lower boundary of the value zone ($31,200).

Cancellation of the short scenario will be a return to the local balance range, i.e. fixing above $39,450. In this case, we can expect a renewal of the $41,400 extremum.

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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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