@BOMBERuss 16 September 2021 more from that month

Vadim Shovkun, a practicing trader and founder of the Crypto Shaman project, tells about the current situation on the market. Before analyzing bitcoin, you need to look at the chart of the S&P 500 index. At the moment, the price has come out of the wedge, having consolidated under the $4487 mark and the Point of Control of the last wave of growth. Until the quotes rise above this mark, it is quite dangerous to consider any medium-term longs on the cryptocurrency market. After the impulse exit from the two-month channel, the price went into a sideways accumulation, returning to the range of $46,700-$50,100. At the moment, this entire zone should be considered as a sales area. But while the price is in the range, it is necessary to trade from the lower border to the upper, and vice versa. A consolidation above the $ 50,100 level will send quotes to new local highs, but a more likely scenario is a consolidation below the $ 46,700 mark and the price will go lower. The general technical background in the bitcoin market is quite negative. An impulse exit from the channel, divergence on the daily timeframe, falling volumes on the weekly timeframe indicate the weakness of digital gold. Given the precarious situation on the stock market, short trades should be considered as a priority. #CryptoTrading