-
Buyers managed to close week’s candle at the mark $7697.
-
Fixing above $7770, buyers will have a chance to continue growing to $8800.
-
The trend change will start after sellers fix below the price $7000.
Yesterday’s trading on Bitcoin market ended with a price growth by 2%. During the day Bitcoin price was trading fairly lazily in the usual range $7470-7580. Twice buyers tried to exit from this price zone, which sharply activated sellers. As a result, we have seen false breakdowns of this range both up and down. However, closer to the daily candle closure, buyers managed to exit from the price range $7470-7580, testing the local high $7770.Thus, buyers managed to close the daily candle positively for them.
Besides, if you look at the more global 3D and 1W timeframes, the candles on these timeframes also closed in favor of buyers:
We see for the first time the weekly candle closed without a pin, updating the previous local high. The candle on the 3D timeframe closed before $7700, which gives buyers a chance to fight for this level with the continued growth of Bitcoin price.
If we look at global volumes in Bitcoin market, they are gradually decreasing and this prospect will not bring buyers to a victorious end. In case buyers are unable to fix above $7700 this week and volumes continue to decrease, then the probability of the price reversal and the test of $5500- $ 5700 will increase substantially.
If we look at the situation on the 4-hour timeframe, we see that consolidation which lasted for 3 days did not lead to significant results for buyers:
Yes, buyers managed to move beyond $7580, but after the impulse on 23 April and the narrow correction consolidation, Bitcoin price had to confidently update the highs without stopping in its way. In this case, we see a significant slowdown in price with the increased dominance of Bitcoin in the crypto market. The breakthrough on 23 April was on increased volumes.
If you look at other coins, the vast majority have not updated their local highs and are ready to correction.
According to the wave analysis on Bitcoin market, the wave (Y) reached its critical point and equals 0.618 * (W):
Fixing above this level of Fibonacci, buyers will be able to claim the growth continuation to $8800. The critical point for buyers is at the mark $7000. Fixing below our main scenario, falling with the targets, $5500-5700 will get a better chance. We continue to monitor the situation with Bitcoin price. Tomorrow, we will see whether buyers have enough strength to push the price higher in this way.
BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Image Courtesy: TradingView
