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

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.

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.

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.

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.

Related Posts

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

Three main scenarios can be distinguished:

Suspected masterminds of $62m cryptocurrency laundering scheme detained in Australia

Centre consortium launches USDC stablcoin on Hedera Hashgraph blockchain

Morgan Stanley chief says clients have little interest in bitcoin

Vatican criticises role of cryptocurrencies in illegal migration