The trader doubted a long increase in bitcoin prices
Forecasts of financial markets are the private opinion of their 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.
After reviewing on October 25, Bitcoin went up from the side of the side. We analyze the current market situation.
Stock index s&P 500 practically reached all growth goals. Perhaps upward up to the POC of the last six months. There are no volumes yet, that is, a large player continues to keep his position.
While the price below POC is waiting from the market – a decrease. Only when consolidated at the level on the daily timeframe can you revise the situation.
The index of fear and greed in the stock market is already at 61, although more recently was 19. There was no trace of a sensation of a possible continuation of the recession in the American stock market.
Bitcoin finally struck the upper level of the side accumulation of $ 18 400-20 400. There is consolidation on the daily timeframe above the upper border, there was a rollback and the price is now trying to repeat the script again.
If during the weekend the first cryptocurrency holds $ 20,500, in the future for several days we can talk about short growth.
The graph below shows how much shorts were eliminated. However, Longs were also accumulated in such a long flash. With such liquidity not collected liquidity, it will be very difficult to move to $ 25,000-30,000.
Bitcoin’s sentiment remains bear. Many analysts have been activated talking about the revival of the market, the index of fear https://gagarin.news/news/el-salvadors-president-announces-a-big-summit-of-bitcoin-bankers/ and greed already at 30-33 on the last days.
With all this, Bitcoin was only ~ 10% of his bottom. It can be concluded that market players are too exhausted by a long -term flat and are ready to believe in serious growth with a minimum movement of the price.
The remaining arguments from the past review remain relevant. Until the elections in the United States, a large negative in the market, most likely, will not be. Despite the release of the poor reports of some top technological companies and a high consumer inflation index, the market continues to grow. This can only be explained by artificial overstation of prices against the background of elections.
We expected growth, and by November 8, bitcoin can reach $ 22,000. But the main medium -term forecast is currently reduced.
Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.