Buyers were able to break through the local price mark $7,370 and to test $7,500.
Sellers are quite passive in responding to buyers’ attacks, allowing them to move on.
The critical point for sellers is $7,690.
Today, trading on Bitcoin market began with a pilot attack of buyers to storm Bitcoin price zone $7,550-7,800. The attack is called a pilot because after touching $7,550, buyers immediately ceased their pressure, forming a consolidation with sellers in the range 0.5%. The previous local level $7,370 was broken through and now buyers are fixing higher to continue the main attack.
The 4-hour timeframe shows that after a sharp move of buyers, the next two 4-hour candles were trading on minimal volumes. The candles themselves do not suggest aggression or hint on changing the local trend:
If sellers do not change their behavior, it will be another signal of their weakness. It will give buyers a green light to continue the attack.
Looking at the weekly timeframe, we see that for 6 weeks, buyers are unable to control the price zone $7,550-7,800:
However, pay attention to the forces of sellers. This week, sellers were unable to close the week in their favor. In such a way buyers have a chance to try to take the yellow range next week.
Although globally, as long as sellers control the price zone $7,550-7,800, the initiative is on their side.
After the sharp closing of the marginal positions of buyers yesterday, the situation on the chart has not changed much:
Buyers try to increase their marginal positions, but they do it quite passively.
The situation on the chart of marginal positions of sellers looks identical:
According to the wave analysis, buyers managed to fix themselves above the level of Fibonacci 0.382. Thus, continuing the formation of the wave (c):
The next target, where buyers may have problems, is at the price $7,690 with a possible continuation to Bitcoin price $8,200.
Generally, the week of Bitcoin price trading showed that neither party is ready to continue the vector movement. Let’s see if buyers can turn the current pilot attack into a global turn of Bitcoin market. And how the new trading week begins, we will see in tomorrow’s analysis.
Image Courtesy: TradingView