Yesterday, Bitcoin price lowered by 2%. Sellers managed to continue their fall after a slight stop in the approximate range of $8,700-8,800. The local breakdown was visible on the 4-hour timeframe and it occurred without much volume. It indicates that this range is not important for buyers. Buyers are falling now very passively.
The fact that the update of local lows in Bitcoin market is not bright, and to see it you need to look closely. For example, after setting the local low on 8 November, which is $8,681, the next low is fixed at $8,616. This fact may indicate an insufficient amount of force for aggressive fall. And also a high probability of counter attack of buyers from the price zone $8,330-8,500.
On the day timeframe, as we see sellers manage to break through the local protection of buyers. Because, we see that yesterday’s candle closed below a barely noticeable $8,740:
Today, sellers have already managed to test the main target of Bitcoin price, which we talk about in our recent analyzes: $8,500.
As we can see, buyers have not given a serious answer so far and the test of this mark was on low volumes. So let’s see how the situation will develop throughout the day. And tomorrow we will try to forecast the next price movement.
For the third day, buyers have a slightly better mood. Although compared to the decrease of buyers marginal positions, their current increase can not be taken into account:
During the breakdown of the mark $8,500, we continue to forecast a sharp decrease in buyers’ marginal positions.
Sellers increase their marginal positions a little more confidently throughout the week. However, in our opinion, it does not seem aggressive enough to take this as a fact to forecast a further fall:
According to the wave analysis, the Bitcoin market has reached a new level of Fibonacci and at the moment, sellers could only touch it:
We have placed two Fibonacci levels on the chart to show that the targets are the same even when building levels on different scales. The continuation of the fall to the mark $8,330 is rather probable, given that buyers behave passively enough. Nevertheless, now there is not enough information for such conclusions. So, wait for tomorrow’s analysis and we will see if there is probability of a further fall in the crypto market.
Image Courtesy: TradingView