Bitcoin price fell by almost 30% in November.
The critical point for buyers is USD 6900.
The test of USD 9500 with possible upward growth up to USD 11,500 is a probable scenario for buyers if they fix above USD 7800.
The time has come to summarize the month’s trade in the Bitcoin market and try to determine the future global scenario. As we see in the weekly timeframe throughout the month, sellers dominated in the market. They lowered the Bitcoin price by almost 30% and broke through the local price zone of USD 7550-7800. Now sellers are trying to fix themselves below this zone.
Speaking of volumes, this week buyers finally decided to resist sellers. As a result, the price is still within the blue falling channel and the fall has not accelerated. This week showed that buyers have not yet won back the yellow range of USD 7550-7800. Although on the monthly timeframe we see that the candle has closed above this range:
As we can see for the third month, sellers are unable to lower their prices below the yellow range. In December, we will see if buyers can still keep this mark and try to fix above USD 9500 to break the blue falling trend. Otherwise, the fight will continue lower at the price of USD 6900.
Despite the steady Bitcoin price fall throughout the month, buyers have significantly increased their marginal positions. And they are moving to the historical high test:
We see the main growth of marginal positions has been taking place over the last two weeks. At that time, sellers broke through the range of USD 7550-7800 and started to approach USD 6900.
Therefore, the mood of buyers for growth is appropriate, it remains only to fix above USD 7800.
Despite that sellers’ marginal positions upgrading historical low, this month sellers failed to reverse the trend:
Wave analysis shows that the critical point for buyers is in the price range of USD 6900. If buyers are unable to keep this price, the fall will continue to USD 5500 with a possible continuation to USD 4445:
The growth wave, which began in 2019, corrected the previous fall by 78.6%. This is a deep correction to continue the aggressive fall. So, if the attempt to break through USD 6900 will be unsuccessful, then December may be unexpectedly green. With a positive scenario for buyers, the test of USD 9500 with a probable continuation to USD 11,500 is pretty real.
Therefore, we continue to monitor the changing forces in the Bitcoin market and look for signals to buy it. Meet you tomorrow in a daily analysis of Bitcoin price. Have a good month!