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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.
To understand the current situation, you should read the previous review, which talks about the medium-term perspective of the price of bitcoin. Analysis of the weekly timeframe, emphasis on peak volumes and weakening depths of the fall is extremely important.
Bitcoin is moving within the $15,700-17,200 sideways trend. At the moment, the price has tested the upper limit of the range. The rollback angle is weaker than the growth angle. The price impulsively broke through PoC the entire range, this indicates the seller’s aggression.
Sentiment must also be taken into account. In recent weeks, a huge number of FUD and negative, however, this did not send bitcoin below $15,700. It can be concluded that, most likely, a major player was buying right into the panicking crowd.
The nearest resistance levels are $17,600 and $18,400 — you need to watch how the price will break through them. With an impulse move, the chance of a return above $20,000 and a move beyond the $25,000 level increases.
But even now, there are many signs that the price may smoothly break out of $17,600 and above.
Data: Trading View.
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