Financial market forecasts are the private opinion of their authors. The current analysis is not a guide to trading. ForkLog is not responsible for the results of the work that may occur when using the trading advice from the reviews posted.
A practicing trader and founder of the project talks about the current market situation Cryptographic shaman Vadim Shovkun.
After revision On 10/14/2022 the market rolled back and started to recover. Before Elections to the United States Senate there are about two weeks left, but for now you can evaluate the probable scenarios of the movement of the bitcoin price.
S&P 500
The market received a significant pullback and then moved to a logical rise. However, there are no volumes yet.
What is currently expected? There is a serious resistance area near the 3920 level, which the price is unlikely to break out of.
A slight increase and then a flat for 2-4 weeks is quite logical. Then the decline with the update of the fund
BTC
The price continues to remain in a tight sideways trend between $ 18,400 and $ 20,400, against a backdrop of a generally positive equity market a slight increase is still expected. Furthermore, the price broke through the bearish trend, which was formed for 2.5 months. This could give bitcoin an extra boost.
It is worth mentioning market sentiment in the context of bitcoin.
75% of public analyst bloggers are inclined to believe that the first cryptocurrency has formed a fund and is poised for a serious rise in the $ 25,000-30,000 area.
According to the results of the analysis of 15 paid Telegram channels (VIP), 86% are in favor of growth. According to the survey results (where bitcoin will come first), anyone expecting an uptrend wins by a large margin.
However, metrics such as the funding rate and liquidation schedule suggest that there is no fuel for growth, as it was in 2020 or 2021 before a serious rally began.
What is the result?
For bitcoin, a resurgence can only be against the background of the positive in the stock market. Growth is expected in the form of a “false take-out”, nothing more than a move to raise cash and then drop below the $ 17,600 mark.
Read the ForkLog bitcoin news in our Telegram – News, courses and analysis on cryptocurrencies.
Found an error in the text? Select it and press CTRL + ENTER
