Together with the last day of the week comes the end of the fall wave, which after breakdown of the Bitcoin price range $9,100-9,300 turned into a green wedge. The price range movement in the wedge now is 2%. Due to passive updating of local lows during the last wave of the fall, we conclude that buyers have every chance to start their counterattack.
On the daily timeframe, Saturday and Sunday are characterized by low volumes near an important critical point. It adds to the mystery and likely aggressive movement of Bitcoin price next week:
Despite the note of positiveness for buyers, the weekly candle closes in favor of sellers. After yesterday’s analysis of Bitcoin price the situation has not changed much. Therefore, we continue to look forward to an active fight next week between buyers and sellers in the narrow range of $8,500-8,800.
Marginal positions of buyers are trying to fix below the purple range:
The chart of Bitcoin price and its marginal positions shows that strong price movement should happen soon enough, as the price range and volumes are constantly decreasing.
Sellers are also in anticipation and have stopped increasing their marginal positions:
Remember that that sellers’ marginal positions are still near historical lows.
According to the wave analysis, sellers have not yet reached their target which is the price mark $8,330:
At this mark is a big probability of a sharp change in the direction of the price movement. And until buyers are fixed above $8,800, we leave this scenario as the main one.
Thus, given all the facts, the probability of another attempt to continue the fall is quite high. Next week we will closely monitor whether buyers will give sellers a chance to realize their scenario. And tomorrow we will look at how the weekly candle closed and what are the daily prospects for the price movement.
Image Courtesy: TradingView