The test of the price mark $7,060 was unsuccessful for sellers.
The new counter-attack of buyers has a minimum prospect of up to $7,550-7,800.
For a global change of the falling trend, buyers need to fix above $8,250.
The trading week on Bitcoin market ends with a planned test of $7,060. In previous analyzes, we wrote that this mark is critical for buyers and separates sellers from continuation of the fall to $5,550. Yesterday’s candle closed practically without a pin, giving sellers a chance to continue their trend. However, the attack of the critical Bitcoin price was on small volumes.
Pay attention to how local lows updating is recorded on lower volumes, which is poorly reflected in the prospect of a downward trend. Therefore, as long as the mark $7,060 is under buyers control, a rebound to $7,550-7,800 is very likely.
The hourly timeframe shows that buyers have coped with a critical point of protection. Sellers only had an increased volumes for one hour of attack during the test of $7,060.
It is clearly not enough to continue falling globally:
Given yesterday’s sellers’ failure, the current situation more closely resembles consolidation at an angle. A new wave of growth with a minimum target of $7,550-7,800 will take place next week:
During the week, the fall of Bitcoin price was almost 10%. Sellers have gone from one liquid range to another. The volumes remain consolidating, so the price movement in consolidation is probably set to continue next week.
This week, the marginal positions of buyers have updated the historical high and have been actively increasing for 4 weeks:
Sellers, by contrast, have been reducing their marginal positions for the third week and aiming to update the historical low:
The mood of both market forces is slightly different from the Bitcoin price chart. Despite the weakness of sellers during the last local attack, buyers may pleasantly surprise us next week.
According to the wave analysis, sellers failed to extend the wave (Y), which is currently equal to 0.618 part of the wave (W):
Looking globally at the situation, buyers need to fix above $8,250 to win. Then the chance of breaking the blue trend channel, in which Bitcoin price has been trading for half a year, is very high.
Therefore, we expect a change in the local price trend and a meeting of buyers with a price zone of $7,550-7,800 next week. If the mark $7,060 will be broken, the global target remains $5,550.
Image Courtesy: TradingView