A practising trader and founder of the project Crypto Shaman Vadim Shovkun explains the current market situation.
We examine whether prices are likely to retest the lower boundary, or whether there are alternative options.
The price bounced off the rising white line. This happened on anomalous volume, indicating buying aggression. The attack angle is increasing; consider only three attempts to approach the upper boundary:
- first — with a rounded top;
- second — more aggressively, but still fading at the top;
- third — a powerful green candle formed just beneath the resistance.
Additionally, the four-hour candle closed at its highest level in several weeks. The latest daily impulse occurred on testing the PoC, adding momentum to the move.
In the case of the second cryptocurrency, an impulsive breakout of resistance indicates strong buying aggression. A slight pullback is possible, but Ethereum overall looks bullish.
Bitcoin and Ethereum are currently showing notable strength. A range of technical indicators point to a breakout from the trading range and an upward move.
But this nascent bullish micro-trend, which could last two to four months, sits within a larger bear rally that began at record highs.
Bitcoin’s rebound targets lie around $35,000–$40,000, after which a pullback cannot be ruled out.
Earlier, 60% of Bloomberg survey respondents considered a drop to $10,000 more likely than a recovery to $30,000.
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