Yesterday’s daily candle closed at $5625.
Locally, the critical point for buyers is $5130.
The likely target of buyers after the test of $5130 is at $6030.
Yesterday’s cult day of trading on Bitcoin market closed at $5625. Sellers did not re-update the local low as it was on Thursday and it is good. Fantastic trading volumes have taken place in the last two days and we expect consolidation and the beginning of market calm in the weekend. At the 4 hour timeframe, we see that the last 3 candles are trading at relatively low volumes.Considering the previous candles, where sellers tried to push Bitcoin price down at high volumes and buyers aggressively bought Bitcoin with present volumes, sellers will not be able to continue their dominance in this range. Therefore, we do not expect to see the price below $4400-4500 in the near future.
There is still nothing to discuss on the daily timeframe because there is not enough information to make decisions and draw conclusions. That’s why, it is better to dive into smaller timeframes. As we see on the hourly frame, the main problem for buyers is the mark $5675:
Exactly this mark stops buyers from reaching the target $6030 on Bitcoin market. Yesterday, buyers with a help of false breakdowns tried to reach this mark, but little lacked the strength. The result is a triangle, which is likely to shoot up. The critical point for buyers in this triangle is the mark $5000. Keeping it, buyers can expect a minimum Bitcoin price $5450 with continuation up to $6030. In the worst case, buyers will expect a mark $4620.
In the chart of marginal positions, we see that the previous two days were negative and buyers were actively closing their margins:
Today, a slow attempt is being made to increase them, but we think that buyers are not ready psychologically.
Yesterday, the chart of marginal positions of sellers was rather ambiguous:
Of course, the number of sellers who increased margins turned out higher, but sellers lost their unambiguous mood and the probability of the beginning of margins closing from today is quite high.
According to wave analysis in Bitcoin market, we see that serious buyers’ support is at $5132. From this price, buyers will try to storm $6030. In case of unsuccessful keeping of this mark the next probable stop is at Bitcoin price $4670.
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