Trader says bitcoin price likely to continue bearish trend

Nikita Semov, a practicing trader and founder of the Crypto Mentors project, talks about the current market situation and possible price movements in July.

Quotes approached the level of $35,850, marked as key resistance, and received a downward reaction. As this structure is global, a continuation of the bearish trend seems most likely.

The weakness of the buyer is evidenced by a number of negative signs:

  •    cumulative delta absorption;
  •     price rise on declining vertical volumes;
  •     test of a key resistance level with a reaction to it;
  •     weak buying recovery after the daily bar of June 22.

Compounding the situation is the large number of clusters (abnormal volumes, uncharacteristic for this asset) distributed at the top over the past two weeks.

These factors point to an extremely low probability of the price rising even towards $41,000, which represents the upper limit of the flat. From a volume analysis perspective, this is far from a good time to buy bitcoin over the medium term, as there are no signs of demand in the market.

These factors point to an extremely

On the hourly timeframe, the price came to the $33,600 area of interest. If there is a buying initiative, a local long could be considered with a maximum target at $35,450. There is a Low Volume Node and a Point of Control trading zone there.

This is a serious resistance for the price, where it will be necessary to fix longs and consider the emergence of potential sets to open shorts with the probability of movement to the lower boundary of the range ($30,000).

There is a Low Volume Node

The marked areas are only reference points for finding positions and do not imply unconditional opening of trades. They are an auxiliary tool for each trader's trading strategy and indicate where the interest of market participants is concentrated.

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