Trader Points to Arguments for Bitcoin’s Rise

A practicing trader and founder of the project Crypto Shaman Vadim Shovkun.

Reviewing the previous review, Bitcoin behaved as planned, slipping into the green support zone. We will consider whether the BTC price will break through $19,000 with further downside movement, or whether another scenario is possible.

Bitcoin

It is clear that the downside momentum has formed—the price has traded below $19,000.

A strong 12% surge from the low was partly linked to an attempted bounce on the S&P 500. At the same time, the price impulsively returned above the support level, forming the SP + TSP pattern.

Today’s volumes cannot be described as excessively high, so there remains a risk of a move downward. At $18,800 (−$800 from the current level) one can note a complete absorption of the impulse and a fresh low. But at present this is very unlikely.

An move toward the upper boundary of the range is expected, followed by a false breakout and a possible further attempt to move higher. A daily close above $20,000 would give buyers confidence and allow the price to be quickly pushed to $23,000–$24,000.

Ethereum

The price of the second-largest cryptocurrency by market cap has reached the lower boundary of the trading range and has reacted. Given the Bitcoin situation, one should expect movement toward the upper boundary of the range.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.