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Vadim Shovkun, a practicing trader and founder of the Crypto Shaman project, talks about the current situation on the market.
After long weeks of the bear market, bitcoin finally showed quite good growth on the daily and even weekly timeframes. Should we take this as the beginning of a reversal?
In the last review, the growth scenario was described as the most likely. It was also said that a lot of liquidations are concentrated around the $21,500 mark. Thanks to them, the price soared so impulsively to $22,500.
While the absorption of this pulse is observed. Thus, after a growth of 15%, a “respite” in the form of a flat is needed. The price is now in the area of strong resistance $21,800-$22,000.
The negative factor is that against the background of such a powerful upward impulse, no anomalous volume was observed. Accordingly, there is no truly aggressive buyer. It is possible that the price was thrown up just to knock out a large amount of accumulated short positions.
Data: TradingView .
For now, the logical continuation of the movement will be a slight rollback – approximately to the middle of the growth trajectory, to the ascending white line.
Recall that the second quarter of 2022 was the worst for bitcoin in 11 years.
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