A practicing trader and founder of the project talks about the current situation on the market Crypto Shaman Vadim Shovkun.
This overview is an update of the situation described in the latest analysis.
After the impulse decline, the price of bitcoin fixed above the rather important psychological level of $ 43,000.
First of all, it should be noted that the low of the daily candle for January 10 was fixed at a distance of $ 100 from the main liquidity shelf. After that, a vigorous rebound formed.
The fact of not reaching the $ 39,500 mark only means that it will most likely be removed in the near future. If this level had been reached, and Bitcoin would have shown the same cheerful payback, the situation was much more conducive to taking long positions.
The main mark of the breakdown of the local bearish trend remains $ 48,480. Reaching this level will mean three things at once: a return to the monthly range of accumulation, consolidation above PoC this range, as well as above the PoC of the previous up wave on the daily timeframe. But for relatively safe longs, fixing above $46,370 is enough.
It is also important to note that a sufficiently long (over two months) and rather deep (more than 40%) decline, especially after absorbing a large wave of growth, as a rule, does not end with a rapid (V-shaped) reversal. In the medium term, movement in the $ 40,000- $ 46,300 or even $ 40,000- $ 52,000 area may drag on for several months.
The $ 44,950- $ 46,250 area is a short search area with excellent RR for intraday trading. The main expectation from the market is to go below $39,500.