Sellers fixed below the critical range $6760-6820.
If buyers kept $6330-6440, they can test the mark $7700.
An alternative scenario is a sharp fall to $5770.
The previous week of trading on Bitcoin market ended with an unsuccessful attempt of buyers to test the range $7300-7400. Yesterday, buyers managed to break the triangle up and within few hours investors were admiring the flight of Bitcoin price. However, reaching the local price level $7100, problems began. As a result, sellers quickly lowered the price below the critical range $6760-6820 which buyers kept for the previous 3 days. This situation has shown us that sellers are beginning to increase their influence in Bitcoin market. The fall continuation with the first target $6330 is very likely.
As we can see on the 4-hour timeframe, buyers have not yet recovered after yesterday’s sharp price decrease and within two 4-hour candles the price is practically in place. Given the strength of yesterday’s fall, sellers can confidently continue Bitcoin price fall, in condition of keeping $6760-6820.
Daily and weekly timeframes show us the likely end of the growth trend from 13 March:
As you can see, the closing of the weekly candle with a large pin and on large enough volumes suggests that at least the growth correction from 13 March should occur. The daily candle also closed with a large pin, indicating that above $7100 there are many aggressive sellers who are ready to sell with large volumes in Bitcoin market.
The current growing trend has changed its character since 23 March. As you can see on the daily timeframe, Bitcoin price movement channel become slower and the price has slowed. The critical point of buyers is at $6260. As we can see in horizontal volumes, there is a liquid range and there is a lower trend line of the growth channel. Keeping this mark, buyers will again have a chance to test $7700. Otherwise, we expect to continue falling to $5770.
According to the wave analysis on Bitcoin market, in our opinion the wave (Y) has not formed yet:
At the mark $6330-6440 is the critical range of our scenario. In this range, current wave (b) corrects wave (a) by 61.8%. After keeping the range, the last wave of growth will begin. Then, we will expect a global fall. See you on tomorrow’s Bitcoin price analysis.
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