The current market situation is explained by a practicing trader and founder of the Crypto Shaman project, Vadim Shovkun.
As noted in review for November 9, Bitcoin’s price formed a new low at $15 500. We analyse the current situation in the cryptocurrency market.
On the four-hour timeframe, a pivot bar has formed to exit a five-month consolidation. The BUI pattern demonstrates substantial selling by a large player on the evening of November 8 and a further decline on relatively low volumes.
Later Bitcoin tested the $18 400 level. The defense of positions by a large player formed a strong BUI + BTI pattern — a breakout of the range on high volume with a consolidation and a retest from below.
The Fear and Greed Index remained at 21, which is considered a normal reading for a bear market. A pullback in Bitcoin should be expected if the indicator falls below 10.
As before, there are no signs of a move above $18,400. The main expectation is new lows below $15,000.
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