Buyers have updated the local high at the mark $9589 and are fixed above the range $9200-9400.
The breakdown of $9700 and the test of $10,500 remain the main scenario.
If sellers break $9200 they will open the prospect to $8660.
Yesterday’s trading on Bitcoin market ended with the closing of the daily candle at around $9589. Buyers managed to close the daily candle without a pin without problems, raising Bitcoin price by 4%. Buyers were able to confidently continue their attack on 27 May and easily pass the range $9200-9400. At that range sellers concentrated their limit orders and tried to slow down the price.
Trading volumes yesterday are slightly higher than the previous day and are well matched to the size of the candle. So far, there is no point in talking about the transition of the initiative from buyers to sellers and we should expect a test of the upper trend line at $9700-9820. Market purchases were 56.5% yesterday, which is by 1.5% more than on 27 May. Given the volume situation, we see that buyers are increasing activity before the test of the trend line. They intend to break it and continue to grow to the target $10,500.
In the 4-hour timeframe, we see a confident local trend of buyers, during which the price in Bitcoin market without corrections easily rose by 10.5%
At the mark $9600, we noticed the activity of sellers who do not allow price to be fixed and sell aggressively. Therefore, the temporary retreat of buyers should show their willingness not to let Bitcoin price move below $9200 to continue the growing trend.
In general, the week of trading on Bitcoin market continue to move in consolidation between the marks $8700-9700:
That’s why, the probability of $9700 test by the end of Sunday is quite high. However, given the trading volumes this week, which are quite low now, the probability of breaking the upper limit of consolidation decreases.
BTC’s dominance in the crypto market increased yesterday, testing 67.55%:
Nevertheless, today market participants are more confident in buying other coins. This fact can be seen by comparing the current local fall of Bitcoin and other coins, which respond much worse to the downward movement of Bitcoin.
Let’s see if sellers can change the situation in Bitcoin market over the weekend. In tomorrow analysis, we will see whether buyers will allow to lower Bitcoin price to $9200 and with what force sellers will push.
Image Courtesy: TradingView