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Sellers for the third day are trying to fix below $6760-6820.
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The critical point to complete the local falling trend is $7000-7040.
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If the continuation of the fall is sharp, sellers will not stop at the mark $6330.
Yesterday’s trading day on Bitcoin market supported the tradition of the previous days and ended in consolidation. The closing price of the daily candle is $6874 and the opening price is $6847. It shows that market participants are not ready to start the trend. Trading volumes have decreased and the market continues to wait for vector movement. If you pay attention to the local situation, yesterday, sellers failed to fix below $6760-6820. Buyers saw this weakness and started a counter attack. However, the current attempt of Bitcoin price growth at the moment does not pose a threat to the local falling trend.
Pay attention to the ratio of volumes and candles during the growth on 12 April and now:
As you can see, the current attack is much leaner and buyers need more energy and time to maintain their growth in Bitcoin market. We think that sellers have now taken the market for more control so to avoid the situation with a sharp shoot of Bitcoin price up. It is also noticeable in the density of limit orders, which is actually from $6900 to $7300 inclusive.
At the moment, buyers have not even been able to touch the upper trend line of the falling channel. At the same time, we see that sellers are in a passive attack and do not carry out any counter-attacks, thus exhausting buyers. Therefore, our main scenario remains valid. As long as sellers control $7000-7040 $ a chance of the fall continuation with the first target $6330 and the final $5770is quite high. The main problem for sellers is getting back under control the range $7760-7820. After fixing below – pushing Bitcoin price below $6600 is a matter of time.
Marginal positions of market participants do not change their trend so far:
As you can see, buyers are not increasing their margins and sellers are gradually increasing them.
According to the wave analysis in Bitcoin market, the situation remains constant. And we expect the wave (B) to continue forming:
After we see how aggressive the fall will be, we can understand whether the global wave (Y) ended in $7300-7400, or we are waiting for another wave of growth to $7700. The critical point of this scenario is $7330. We expect Bitcoin price exit from consolidation.
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