Unsuccessful attempt of sellers to test $7,060 gave the chance to buyers to test again $7,550-7,800.
Buyers again easily found themselves near the local range $7,255-7,300 and did not feel resistance to it.
In case of the price fixing above $7,800, we expect to continue growing to $8,600-9,000.
Today was an interesting trading day on Bitcoin market. Certainly, not so interesting if the trend began, but the clear preference of sellers after today’s attempt to lower the price has dissipated. In the previous analysis, we noticed that after uncertain attack of buyers, which ended on 26 December with a false breakdown of the blue price zone $7,260-7,300, sellers became more active. The first stop of the price was estimated at $7,060. However, for the second time, buyers do not allow Bitcoin price to fall to this mark, stopping movement at the mark $7,113.
Sellers lacked the strength to impose their game globally. It means that buyers’ chance again to test $7,550-7,800 has increased significantly. As we can see on the 4-hour time frame, buyers started well and with one candle got to the local blue range. The next candle showed that there is no special resistance in the range and the continuation of growth probably will be:
Therefore, the last weekend this year can be quite intense.
Looking at the daily time frame, after today’s unsuccessful fall attempt, buyers will try to build a turning figure at the critical point $7,800:
So, after fixing above $7,800, the way to $8,600-9,000 is open. As for forecasting more global targets, buyers need to get out of the black falling channel, in which Bitcoin price continues to trade since June 2019.
Already today, marginal positions of buyers have stopped their decrease and are trying to continue their growth:
Sellers are also beginning to gain positive mood and have been increasing their marginal positions for 4 days now:
Also, on the daily time frame, we noticed the interesting fact that before the start of a new local growth wave sellers test or try to test the trend line twice:
Let’s see if such a pattern works for the third time. If so, we should expect a rather sharp jump in growth.
According to the wave analysis, as we see the situation without changes. Bitcoin price continues to move between the two levels of Fibonacci 0.5 and 0.618.
Already on the weekend we will see whether the current buyers initiative will be able to release the market from consolidation or keep investors strained. Well, the New year is coming, it’s miracle time! We just want these miracles to be nice to us!
Image Courtesy: TradingView