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.
Bitcoin is showing signs of recovery. Let's figure out whether we should expect further growth.
A small rising wedge is forming on the daily timeframe.
Data: Trading View.
In the chart below, the area highlighted in yellow is where the same historical volumes have passed, which were mentioned in previous reviews. Quotes have already tried to return to this range, but failed to gain a foothold in this zone.
A fall inertia over 40% is very likely. If a certain growth forms over the weekend, then it is quite possible that the gap will close and the price will return to its previous values.
Due to the extremely high past volumes, it is better to work with long positions in the medium term. However, it is logical for the trade to wait for a good entry point. Given the observations, the market can provide even better prices for this.
Read the ForkLog bitcoin news in our Telegram – cryptocurrency news, rates and analytics.