The trader described the script for the likely movement of the price of bitcoin

Forecasts of financial markets are the private opinion of their Политика конфиденциальности authors. The current analysis is not a guide to trade. FORKLOG is not responsible for the results of the work that may arise when using trade recommendations from the presented reviews.

A practicing trader and founder of the Crypto Shaman project Vadim Shovkun talks about the current situation on the market.

Bitcoin remains in a narrow sidewall. Despite the predictable decrease in the stock market and a very unstable economic situation, the first cryptocurrency does not give up position and continues to cling to the level of $ 17,600 without breaking through it.

It makes no sense to analyze bitcoin on the timeframe below the daytime, since a narrow sidewall does not form anything interesting.

Several interesting moments have formed on the daily schedule at once.

There is an increase in volumes in recent days, as well as rounding and smooth growth of volumes over the past three months. The price is pressed by $ 17,600, a large amount of volume is generated, but there is no result. This is very bad for falling from current marks.

It is worth comparing bars for September 27 and 21. Both with the tail from above, the body of the candle for the later date is smaller, but the volume is larger. Volumes are growing, which is most likely in the bar for September 27, a hidden buyer is hiding.

Another comparison of neighboring bars is September 27 and 13. The spread is abnormally large, the volumes are high. But on the 27th there was a tiny spread, the volumes above. Another sign of the buyer.

HL structure&HH: Over the past week, a pronounced structure has been formed in a microwave with increasing minimums and maxima.

S&P 500

Studying the stock index s&P 500, double -bottom pattern begs. Comparing the volumes that were formed on previous bounces and current, with a high degree of probability, the rebound, if there is, is a very insignificant.

conclusions

The stock market updated the summer bottom, Bitcoin holds. Large volumes on the first cryptocurrency are generated, but there is no decrease – everything is absorbed by the buyer. There may also be a small rebound in the stock market in an attempt to form a double bottom.

While the price of bitcoin is in the range of $ 18,400- $ 20,400, expectations are Flate. Achieving the upper boundary of the range of $ 20,400 will give the positive to the market, the accumulated volume in the area of ​​$ 23,000 will be working out. Achievement of $ 18,400 breaks the structure of HL&HH and send the price for updating the summer minimum.

But even in case of reaching $ 23,000 in the future, one to three weeks is expected to leave under $ 17,600. In favor of this speaks a clogging rebound on the stock index, as well as the analysis of the sentiment.

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