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Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. ForkLog is not responsible for the results of work that may arise when using trading recommendations from the presented reviews.
Vadim Shovkun, a practicing trader and founder of the Crypto Shaman project, talks about the current market situation.
Fear continues to dominate the cryptocurrency market as most participants see Bitcoin price decline as the main scenario. Let’s try to understand the fresh signals and form our opinion.
On medium timeframes, a break in the LH&LL structure is formed at two points at once. This also led to the removal of two bunch.
Arranged exit from two descending channels with good anchorage. The S&P 500 is forming bullish, aggressive buyouts with rising lows.
A negative signal is that Bitcoin was unable to gain a foothold above $ 49,500 – the most important resistance level in many ways.
Data: TradingView.
Bitcoin quotes were unable to break through $ 49,500 impulsively, so a small pullback in the S&P 500 is likely to force the price of the first cryptocurrency to drop to $ 47,200- $ 47,600. In this zone, you can look for long setups, the target of fixing which will be levels above $ 50,000. This is the main scenario.
The less likely scenario is a dip even lower, to $ 45,600, and then a further squeeze down. But until the price of bitcoin fell below $ 47,000, it is logical to consider the dynamics in favor of a movement above $ 50,000.
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