Bitcoin price continues to trade in the range of 1%.
Sellers’ attempt to lower the price below the range $7120-7200 was unsuccessful.
If buyers fix over the price mark $7200, their next local target will be $7800.
Today, the last day of the working week in Bitcoin market, buyers continue to fix over the local price range $7120-7200. Sellers tried to lower Bitcoin price below the blue range, but faced limit orders of buyers and retreated. This situation reveals two facts:
- Sellers are not ready to back down and try to keep the initiative in the market.
- Buyers are ready to keep their positions and the sharp growth from 18 December was not an emotional euphoria.
However, continue to grow when in the market are so many sellers is wrong and it requires a big volume. Therefore, continuation of consolidation by the end of the week is a fairly realistic scenario, in our opinion.
If you look at the situation on Bitcoin market on a small 15-minute timeframe, we can see the emissions of sellers volumes:
The first outburst of volume is noticeable after buyers attempt to move beyond the price range $7120-7200. This volume is supported by an aggressive candle. However, sellers did not continue the attack. With the second volume outburst, the candle of sellers is not noticeable, while the volumes appear big. It seems that buyers are gaining position in this price zone, forcing sellers for growth continuation.
Marginal positions of buyers finally stopped increasing:
This fact indicates that some buyers begin to record their profits and the other continues to increase positions. Let’s see how buyers will react as Bitcoin price continues to grow.
Sellers have buried their prospect of increasing margins over the last 3 days:
It is due to a set of positions during the fall and panic during a sharp growth. Pay attention that most sellers positions have decreased today, when the price is trading in the 1% range.
According to wave analysis, it is quite possible that the wave (Y) has completed its formation:
As we can see, wave (c), which is part of wave structure (Y), could not fix below 0.382, after which there was a sharp price growth.
Therefore, we continue to expect price movements in the global blue falling channel with a global target $8500. However, before buyers expect a critical point $7800. Let’s see if buyers can revive the market earlier than next week.