The trader spoke about the likely reduction in bitcoin price to $ 20,000

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.

Bitcoin continues to move in a narrow flte. Is it still worth waiting for a decrease, or has the long-awaited growth has begun? Let’s try to figure it out.

S&P 500

As usual, let’s start with the analysis of the stock market.

Index S&P 500 could not update an important extremum at $ 4200. Moreover, a rounding pattern is formed on the daily timeframe. He indicates the probability of reducing quotations.

Bitcoin

The first cryptocurrency remains in the ascending channel. Yesterday’s weak growth attempt was unsuccessful, the local maximum could not be updated.

The last update of the maximum was completely unconvincing. This can be a signal about the weakening of customers.

The eight -hour timeframe also shows the manifestation of the seller’s aggression (outbuilding of trading). The morning absorption of yesterday’s growth occurred at increased volumes exceeding yesterday’s indicators.

Expectations are the same – in favor of the rollback. At a minimum, the price should reach the lower boundary of the ascending channel. However, it is more likely that quotes soon reach $ 20,000.

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