With Bitcoin at $66,800, Ilya Mescheryakov sees a semi-reversal pattern forming that could well be the harbinger of a correction. The figure has not gone unnoticed; it is drawing the eye of the market, and traders are on the lookout for any hint of a trend change.
Bitcoin’s Surge and Imminent Correction
Mescheryakov concedes the bullish momentum is still present, but he urges caution. Technicals are pointing to a pullback in the near term, he says. In addition to his read on the cryptocurrency space, including Ethereum and altcoins, he shared his views on what is happening in the oil market.
Ethereum and Altcoins: Short-Term Outlook
Ethereum is in good form, having put its recent high behind it. Yet Mescheryakov points out that one should not rule out a brief pullback to $1,900 once the price has had a chance to test the $2,000 area. The kind of volatility this implies means traders would do well to be nimble in their approach.
On the altcoin front, Ondo has gained about 30% since its local bottom and, in Mescheryakov’s view, may see a rise of up to 45%. But he cautions that a correction will probably follow such a rally, so risk management must be handled with care. Cardano has shown promise for short-term positions by clearing the $0.1690 resistance; then again, Mescheryakov sees a fall to $0.1655 as an opportunity for new trades.
Brent Oil Rally Adds to Market Volatility
Brent crude is not alone in its ascent; the oil market is mirroring the crypto sector with an ongoing upward trajectory. Mescheryakov has put a $93 per barrel target on that path, though he expects some corrections to set in at $88 or $89 once the rally runs its course. Then there is the question of how energy and digital assets interact, which is bound to stoke volatility across the board. Traders are keeping a close eye on both for any telltale signs.
Source — Ilya Mescheryakov: https://www.youtube.com/watch?v=XGoeXGf2HI0