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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.
Bitcoin broke through the support level of $ 46,500. Let’s figure out whether we should expect a further decline or the correction has already ended.
During the month, the price moved in a flat range of $ 46,500- $ 52,000. The pattern is clearly formed BUI, that is, an impulse exit from accumulation on an anomalous volume. This happened after pressing to the lower border, which is an additional argument in favor of the “truth” of the breakdown.
There is also an increase in the angle of attack of sellers within the range, and a weakening of the angle of attack of buyers.
The $ 39,500- $ 40,900 band is a high liquidity range. It was not withdrawn before the last wave of growth in the asset, when the price of bitcoin reached an all-time high. Now, after absorbing this growth, it is highly likely that liquidity will be collected.
There is a possibility that the price will form an accumulation retest before reaching the $ 39,500- $ 40,900 zone. The $ 45,300- $ 46,100 range is a great place to look for short positions with very short stops and good odds R/R.
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