Trader outlines Bitcoin price-growth targets

A practising trader and founder of the project Crypto Shaman Vadim Shovkun explains the current market situation.

Bitcoin has shown pronounced volatility, but the temporary dump was aggressively bought back up. The picture now warrants an update.

As was expected, the BTC price moved sideways for a while, subsequently hitting today’s local high.

What next? Bitcoin is pressing up against the ICE level ($46,400), also pressing against the PoC of the range $46,400-$52,000. An unusually high volume and today’s four-hour bar point to aggressive buying.

The flat-to-positive momentum in the S&P 500 index is supportive of Bitcoin’s price.

Looking at the daily time frame, three consecutive daily candles with strong lower tails can be observed.

The core expectation is an impulsive breakout above $46,400 and, in the coming days, a move toward the upper boundary of the range — $52,000.

Subscribe to the ForkLog channel on YouTube!