Buyers stopped in front of the critical price range $7,550-7,800.
Trading volumes are not sufficient for a sharp downward or upward movement. The probability of consolidation continuation is high.
Sellers stopped at $7,100 and corrected the previous wave of growth by 61.8%. To move to $8,500, it is necessary to fix above $7,640.
The working trading week ended with the price return to the important Bitcoin price zone $7,550-7,800. In fact, the week was divided into two phases. At the beginning of the week, sellers continued their fall, which was based on weak daily candles and low volume. However, after the test of $7,100 we wrote about in previous analyzes, buyers were able to sharply reverse the market situation. Thus, buyers kept Bitcoin price in the blue channel and gave themselves a chance to counter attack.
Speaking of volumes this week, the intrigue only was with the test of $7,100. All other days were low consolidation volumes, which is not enough for either a confident continuation of the fall or for a breaking of the falling trend.
Through this process, two critical points were formed, below $7,100 and above the price range $7,550-7,800. At the moment, buyers are trying to pass the upper critical point. At the 4-hour timeframe, we see that sellers immediately stopped all sudden buyers attacks:
Pay attention to two anomalous candles with large pins. Buyers are trying very carefully to protect their possessions. On weekends, there is a great chance to see the exciting fight of buyers and sellers in Bitcoin price range $7,550-7,800. After this, we can more clearly predict the vector of next week’s price movement.
Relying on the chart of marginal positions, buyers are intent on winning this battle. This is because they did not stop reducing their marginal positions:
However, a critical point was reached in the chart of buyers’ marginal positions. In case of a sharp fall, the insane panic on buyers’ ship will start.
Sellers are not trying to aggressively increase their marginal positions, but the movement trend is positive:
Correcting the growth of 25 November by almost 61.8%, the price started a new wave of growth. It stopped near the first serious Fibonacci level 0.381 at the price mark $7,640:
Locally, the final target of the present growth may be in the price mark $7,980, with possible growth continuation up to $8,500. So for now, we expect the growth continuation. Tomorrow, we will see if buyers will give us additional signals to make sure in our forecast.
Image Courtesy: TradingView