Trader talks about a scenario with bitcoin rising above $50,000

Trader talks about a scenario with bitcoin

The $32,800 pullback scenario materialised and bitcoin is now trading above $37,000. After the breakdown of $32,800, the medium-term short scenario was cancelled. As we are still within the broad balance, the main priority has changed to a rise to $41,000.

trading aboved

As for the short squeeze on Binance Futures to $48,000, a closer look at the momentum reveals that it is most likely a robot or algorithm error. Therefore, it is unlikely that such a move represents a false extension of the upper accumulation boundary ($41,100).

As the flat phase is still going on, the main priority will be based on the approach to its upper boundary at the above-mentioned mark. The occurrence of a false bulge is not ruled out either. Around $41,100, it is advisable to keep an eye on the selling reaction.

phase is still going

Three main scenarios can be distinguished:

  •    growth to $41 100 with potential false breakdown of extremum of $41 400. In case of expansion the tentative target will be the range $43,000-$45,000;

  •     in case of a sell-off reaction around $41,100 we may expect a move to the opposite side of the balance at $31,200. As it is obvious that the liquidity shelf with six touches at $28,800 is preserved, an expansion to $24,100 is not excluded;

  •     If it will manage to consolidate above $41 400 and there are signs of a true breakdown in the form of an orderly alternation of extrema in the ascending direction, as well as movement of VA along the move - you may consider this accumulation to be terminated by buying. The primary upside targets will then be $50,000 and $56,200.
IOTA, Ethereum, Litecoin, Ripple

What Is Litecoin? Litecoin is a cryptocurrency that was founded in 2011, two years after bitcoin, by a former Google engineer named Charlie Lee. Measured by market capitalization, Litecoin is the ninth-largest cryptocurrency.

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