Bitcoin
Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trading. ForkLog is not responsible for the results of the work that may occur when using the trading recommendations from the submitted reviews.
Vadim Shovkun, a practicing trader and founder of the Crypto Shaman project, talks about the current situation on the market.
After a good, at first glance, impulse, the price has not yet been able to consolidate above the important extremum of $20,193, although it has updated it for a short time. Bitcoin continues to move in the $18,300-$20,300 micro flat.
Data: Trading View.
Since the price has made a recent high, it is interesting to look at the bursts of liquidations. The current short clearly shows that there are few bearish traders on the market. This means that there is not enough fuel to move up.
On the daily timeframe, you can see how the price is trying to test the downtrend line for the fourth time.
You need to understand a few things:
- A falling wedge rarely breaks up through a flat – mostly in an impulsive move.
- There has already been one test of a downtrend line within the sideways trend. It failed.
Data: Trading View.
It is also worth considering the results of the report Sentiment analysis: Week #38. It is designed to evaluate on-chain metrics and sentiment in social networks, blogs, etc.
The current growth, in all likelihood, is associated with only a slight rebound in the stock market. There may still be a small wave of growth in the $21,000-$22,000 area. But judging by the dynamics of liquidations, the daily chart with a downtrend and market sentiment, the conclusion is that a new wave of declines with new lows is what awaits the crypto market in the near future.
#trader #spoke #prospects #growth #bitcoin
