The end of the Bitcoin trading week is not as positive as buyers want it to be. Provocations and traps do not cease to go along with the growth of prices, as opposed to volumes. After breaking through the price range of USD 8300-8500, easy unobtrusive consolidation seemed like a winning dance of buyers. Nothing but the test of USD 8500 confirmed buyers’ dominance. However, after sellers tried to continue the price growth, the situation has changed dramatically. Now, the price is trying to return below the range of USD 8300-8500.

The current situation is quite visible on the 15-minute timeframe, where during two 15-minute candles the situation has changed significantly:

Bitcoin Technical Market Analysis 11th October 2019

As we can see, buyers’ attempt to continue the growth was on increased volumes. But aggressive sellers were above, they closed the way for buyers to USD 9100.

On the 4-hour timeframe, we see that in addition to the price zone test, the price is now near the trend line that buyers have been struggling with since 26 September:

Bitcoin Technical Market Analysis 11th October 2019

The sharpness of the fall means that it will not be easy for Bitcoin buyers to continue their growth. At best, they will have to buy out aggressive sellers and try to do it in consolidation at a lower price. Of course, the current price range is perfect for this plan. But, now we do not notice aggressive counter-attacks from buyers, as we saw during the test of USD 8800.

Day candle closes well for sellers and tomorrow should be a moment of truth which may show the weakness of sellers and from the next week, the growth will continue to USD 9100. Or maybe we will see another sure red candle with practically no pin, signaling the end of a short era of buyers and the first stop of the price at USD 7700.

Marginal positions of buyers, despite previous waves of growth and fall, remain in consolidation at the bottom of the blue channel:

Bitcoin Technical Market Analysis 11th October 2019

Sellers have been trying to close their positions both on the growth and fall for several days without believing in their strength:

Bitcoin Technical Market Analysis 11th October 2019

According to the wave analysis, we see that Bitcoin buyers failed to fix themselves above the level of Fibonacci at a price mark of USD 8600. If buyers cannot keep the price at USD 8300, sellers will continue to fall to USD 6300, and the previous attempt to grow will be a simple correction:

Bitcoin Technical Market Analysis 11th October 2019

On Sunday, we will conduct a weekly analysis of the movement of Bitcoin and determine the main scenario of the price movement. Take care of your nerves and wallets and keep your hand on the pulse of Bitcoin’s price with us!

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Charts Courtesy: TradingView
Comments are closed.

Check Also

Bitcoin Price and Technical Market Analysis 14th December 2019

Price continues to move within the consolidation limits at $7,100-7,800. Buyers do not wan…