After two unsuccessful attempts, buyers are unable to fix above $6830.
Sharp attacks of buyers end with the return Bitcoin price to its original position.
The main targets of the fall are $6100 and $5500.
Yesterday on Bitcoin market were two attempts of buyers to fix above the mark $6830. The day was reminiscent of minefield training, as during a passive lowering of Bitcoin price, sellers faced with “liquidity bursts” which broke through all local walls and twice broke $6830. Yesterday’s record of buyers is a test of $7014, where the price was less than one minute.
If we look at the volumes, we see that their increase only for a maximum one 4-hour candle and is most likely related to stop orders of one or the other side. Observing the order book, we noticed that buyers are aggressively starting their attack by aggressively buying Bitcoin with big orders. However, the growth continuation is not happening and sellers easily return Bitcoin price to the mark $6700.
This type of trading has created a consolidation on a daily timeframe in Bitcoin market:
As we can see, yesterday’s daily candle on Bitcoin market closed above $6830. Though, sellers are aggressively repelling new buyers’ attacks today without letting to take control of this mark.
Analyzing the volumes formed in this consolidation, we see on the hourly timeframe that the main liquidity was concentrated in the narrow range $6780-6830:
Considering the trend lines which form a triangle at local highs and narrow the consolidation range, Bitcoin price is free to trade in this mode for a few more days. Therefore, whether there will be a surprise at the end of today and a sharp vector movement – is difficult to say.
Marginal positions of market participants look different:
If buyers are trying to actively increase them, then sellers are at a standstill, waiting for the end of a new buyers’ attack. The market has stopped ahead of the upcoming vector movement. Our main scenario remains valid and we continue to expect a price reversal in Bitcoin market.
According to the wave analysis, the situation remains the same:
Buyers managed to correct the fall wave from 14 February by 61.8%. A rather deep correction indicates a sufficient number of buyers in the market. Nevertheless, the growth continuation of Bitcoin price without a new wave of fall may provoke an update of the low from 13 March.
Finally, the fall targets are $6100 and $5500. An alternative scenario of the growth continuation to $7550.
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