The trader spoke about the new possible wave of reduction in bitcoin prices
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A practicing trader and founder of the Crypto Shaman project Vadim Shovkun talks about the current situation on the market.
Yesterday Bitcoin almost updated the local bottom, but then he bounced well well. Now quotes are trying to form arguments in favor of growth. Let’s try to evaluate the immediate goals of the price movement.
It is worth looking at the character of yesterday’s impulse. Firstly, the amount of the rebound is minimal. For comparison, the volumes of previous corrections are highlighted, leading to significant growth. Also, there is no absorption of the last wave of sales that began in the field of $ 20,200.
All three -month accumulation formed the structure of LH&LL with a new minimum at $ 18,200.
If we analyze the attempt of a two -month rebound, then in comparison with a wave of sales it was very weak. The fall angle of $ 30,000 is not comparable with subsequent recovery up to $ 25,000.
What is the three -month movement in the context of the logic of volume behavior? For two months, the price tried to form a rebound, and the largest volume turned out at the very top. The subsequent decrease went to work out the accumulated volume.
In the context of a simple Price Action, the situation is also not the most rosy. Red zones highlighted sales bars Tesla did not sell at the daily timeframe. The depth of the fall is preserved (10% of the movement), while the volume of the second bar is much higher. This indicates the growing aggression of the seller.
Do not forget about the situation around s&P 500, which is described in detail in the last review. There are absolutely no signs of the buyer. The last wave of growth the index successfully absorbed. There are no volumes that signal the possible serious attempt to rebound.
Summarizing the above, the situation of bitcoin is difficult. Much indicates the probability of updating an annual minimum at $ 17,600 (-10% from current marks). You need to understand that a large amount of liquidity is located under this mark.
The chance to leave even deeper – in the area of $ 15,000 – is also quite high.
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