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The trader spoke about the prospects of bitcoin movement

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Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trading. ForkLog is not responsible for the results of work that may occur when using trading recommendations from the reviews presented.

Vadim Shovkun, a practicing trader and founder of the Crypto Shaman project, tells about the current situation on the market.

Bitcoin has been growing from $41,000 for three weeks now. The movement looks quite confident, the quotes have overcome the important mark of $ 52,888 on the impulse. But the price has increased by 40% with almost no rollbacks and it is necessary to take into account some weak patterns that have already begun to form.

A double divergence has been formed on the four-hour and eight-hour timeframes. There are also noticeable drops in trading volumes at each new local price maximum. In the area of $52,888, two levels of stops were formed, which will certainly be removed in the event of a price decrease with the unchanged behavior of the RSI indicator.

There are two areas of interest for buyers. $50,700-$51,700 – the price can impulsively drop to this range, and then return to the previous value, collecting stops. $48,300-$49,300 — this zone is more reliable in terms of a large volume of concentrated horizontal volume, as well as a clear and understandable stop at $46,886.

At the moment, the decline in quotations should be considered in the context of a growth correction and it will work correctly mainly from long.

The trader spoke about the prospects of bitcoin movement
Data: TradingView.

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