Buyers successfully fix above the local range $7,120-7,200.
The minimum target of next week is a test of $7,800.
The global target of the new likely growth trend is a test of the black channel’s upper trend line at the mark $8,900.
The third day of trading in Bitcoin market continues in the narrow 1% range. The fight for the local Bitcoin price zone $7,120-7,200 continues. Buyers are trying to strengthen their position before new growth. The absence of aggressive attempts by sellers to change the situation and lower the price below the locally important range confirms our scenario of the growth continuation. Therefore, we believe that next week should be effective for buyers, as there are no restraining forces in this price range for sellers.
The 4-hour timeframe is a barely noticeable triangle in which the trading range is sufficient until 23 December:
Therefore, the vector movement of Bitcoin price of awaits us from Monday.
In general, the weekly candle closed positively for buyers, leaving a big false breakdown at the price mark $7,060:
As we can see, sellers managed to capture the yellow price zone $7,550-7,800 and keep it, but the continuation of the attack ended miserably. Therefore, a new attempt of the test of $7,550-7,800 should be completed next week. This week has shown the exhaustion of sellers. Despite the loss of an important price zone, buyers still have a desire to slow down and break the falling trend.
Buyers’ marginal positions ceased to grow rapidly, but did not start to decrease:
Sellers continue to close their marginal positions, showing uncertainty.
According to the wave analysis, the situation remains the same. This week, sellers were able to test Fibonacci level 0.382. The wave of fall from June 2019 in proportions has 38.2% of the wavelength of the fall wave in 2018:
Given the volumes with which sellers have been trying to pass this critical point, a local price reversal with a final target $8,900; this remains the main scenario. However, globally the price will continue to move in the black falling channel. Therefore, we expect next week whether buyers will cope with $7,550-7,800 and whether they will have strength for breakdown and change of the black trend fall.
Image Courtesy: TradingView