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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
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 practical trader and founder of the Crypto Shaman project, talks about the current situation in the market.
Bitcoin continues to move in a tight circle. The $21,800-$22,200 range is still acting as resistance, with the support level at $18,700. The main volume accumulation is at the top in the $21,100 area.
In the $21,800-22,000 range, there are many liquidations that are likely to be “removed” soon.
Today’s 6% downside correction can be attributed to the drop in S&P 500 quotes. If the “barometer of the American economy” holds $3,740 in the near future, this will be a positive signal for the first cryptocurrency.
It can also be noted that for Bitcoin, a breakdown of the downtrend line turns into a circle with a blow rebound.
As part of the flat trend, this is a pretty bullish signal in favor of a move to the upper border of the range at $22,000.
Recall that the second quarter of 2022 was the worst quarter for Bitcoin in the last 11 years.
In April-June, the price of the first cryptocurrency fell from $ 45,000 to $ 19,884. In the bear markets of 2014 and 2018, the quarterly dynamics did not exceed 39.7% and 49.7%, respectively.
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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.
