Buyers were able to retest the price zone $7,550-7,800.
Consolidation in the range $7,060-7,650 continues.
There are a large number of sellers on the market which will not allow easy growth of Bitcoin price.
Yesterday’s trading day on Bitcoin market ended with a test of the price range $7,550-7,800. During the day, Bitcoin price was in the range of 3%. Looking at the candles on the 4-hour timeframe, you can see that buyers were moving to the yellow range confidently enough. However, the volume of trades remained consolidating during the growth. It is due to the low liquidity of the range, which is below the price mark $7,550.
As soon as buyers touched the liquidity, they immediately collapsed seller volumes, which lowered Bitcoin price by 2% in one hour:
As we see, there are a lot sellers on the market and consolidation in the range $7,060-7,650 is very likely to continue. However, sellers have not yet reversed the local growing trend and as long as buyers keep $7,325, this attack is not finished. This price mark is not considered as global critical point, but the chart shows that during the day Bitcoin price stopped in consolidation. Yesterday, at this mark buyers found the strength to stop aggressive counter-attack from sellers.
Yesterday is almost invisible on the chart of marginal positions of buyers:
The activity on the chart of sellers’ marginal positions is also not very different:
In general, the weekly candle closed as expected and without surprises. This time, sellers were not so confident about the week and left the big pin down. Nevertheless, Bitcoin price continues to be below the yellow range. And it continues to prove the dominance of sellers in the market.
As we wrote in previous analyses, time is working in sellers’ favor. Therefore, buyers need to change things immediately, fixing themselves over $7,800. In this case, $5,550 is the objective target of continuing to fall after 5 weeks of consolidation.
According to the wave analysis, the situation remains unchanged. Bitcoin price continues to trade between the two levels of Fibonacci which are limits of consolidation.
Ahead of the provocative two days before the close of the month and year of trading in Bitcoin market. Let’s see if the big players have planned a provocation these days. Tomorrow, we will analyze whether buyers will continue their attack with the target to fix above $7,800.
Image Courtesy: TradingView