A practicing trader and founder of the project Crypto Shaman, Vadim Shovkun, discusses the current market situation.
Bitcoin remains in a narrow range with boundaries of $16,800–$17,200. After breaking through the first BoS, the taking of the second BoS will be a strong indication of the appearance of a large buyer.
When the price of Bitcoin returns to levels above the summer low, the market decline can be seen as an expansion of the large range that began forming in June, in the backdrop of FTX collapse.
The price of the first cryptocurrency remains above the PoC. Anomalous volume on November 22 can be characterised as purchases. Going forward, the large player did not close their long positions.
Attention is also drawn to the attempts to push to local highs, the latest of which saw minimal volume. This suggests that a major player was not restraining the price.
The main expectation for the market now is a rebound from the lower boundary of the narrow range and a move higher. A close below the PoC — $16,550 would negate the local upside scenario.
In that case there is a possibility of a new low followed by a rebound. There are no signs of a deep drop to $9,000–12,000.
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