Trader points to arguments in favor of bitcoin’s growth
- July 1, 2022
- 0
disclaimer Forecasts of financial markets are the exclusive opinion of their authors. The current analysis is not a guide for trading. ForkLog is not responsible for the results
disclaimer
Forecasts of financial markets are the exclusive opinion of their authors. The current analysis is not a guide for trading. ForkLog is not responsible for the results of studies that may occur when using the trading recommendations in the reviews provided.
Vadim Shovkun, a hands-on trader and founder of the Crypto Shaman project, talks about the current situation in the market.
Revisiting the previous review, Bitcoin has landed in the green support zone, acting as planned. Let’s consider if the price breaks $19,000 on a downside move or if another scenario is possible.
bitcoin
It can be said that the inertia of the decline occurred – the price dropped below $19,000.
The strong 12% result of the low is partly due to the S&P 500 bounce attempt. At the same time, the price bounced back above the support level, forming an SP + TSP pattern.
The volumes injected today cannot be called very high, so there is a risk of going down. At $18,800 (-$800 from the current) we can say that the momentum is fully absorbed and the bottom is updated. But right now that is unlikely.
A move to the upper limit of the range is expected, followed by a false breakdown and a possible attempt to move up. Fixing the daily timeframe above $20,000 will reassure buyers and quickly push the price towards $23,000-24,000.
Ethereum
The price of the second largest cryptocurrency by capitalization hit the lower end of its trading range and received a backlash. Given the situation with Bitcoin, we should expect a move to the upper limit of the range.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
