The situation on Bitcoin market sharply activated over the last two days. Today, sellers managed to lower Bitcoin price by more than 10% in a day. In the last two days, Bitcoin lost its value by 16%. Buyers failed to keep the yellow Bitcoin price zone $7,550-7,800. To be precise, buyers tried to do this, but with the help of high volume, sellers were able to capture an important zone of $7,550-7,800 in just one day.

Now the price is near the bottom trend line of the falling channel and we are not sure that sellers have the strength after today. Therefore, we do not expect an identical sharp continuation of the fall tomorrow. At the very least, we want to see a few days of consolidation which should show the balance of power in the market.

At the 4-hour timeframe, we see that after an aggressive red candle on big volumes, the next candle does not match the size of the red at all. Although the volumes are also quite big. This is a brake candle which shows that there are interested buyers in this range. Whether them will be enough to change the trend is unclear, but to stop the price is enough.

After a passive week increase of buyers marginal positions, we see that today, buyers have closed more positions than they opened last week:

Bitcoin Price and Technical Market Analysis 22nd November 2019

Also, we see that buyers have not kept the bottom trend line. It can cause even more panic if the candle does not change its shape by the end of the day.

Sellers continue their passive game and today even managed to close their marginal positions, fixing profits:

Bitcoin Price and Technical Market Analysis 22nd November 2019

However, there were those who believed in continuing the fall, so the candle has a great chance to close green.

That is, we see a clear disappointment of buyers and uncertainty of sellers.

Wave analysis shows that wave (Y) continues to form. Sellers have not managed to fix themselves below the level 0.618:

Bitcoin Price and Technical Market Analysis 22nd November 2019

So far, the price below $7,634 is a clear buyers initiative.

Given the lower trend line, the critical level of Fibonacci, increased volumes, we conclude that it will not be so easy to reach Bitcoin price range $6,100-6,400. Let’s see what buyers can do for the weekend and tomorrow we will look at the result.

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