The last day candle is nearing completion and we can begin our weekly Bitcoin price analysis. A good start of buyers this week gave hope for minimal growth to USD 9100. However, after trying to fix the price above the USD 8500 mark, buyers were having problems. Then, in just a day, the situation changed in favor of sellers. As we can see on the 4-hour timeframe, sellers’ initiative does not have to be intercepted by buyers yet. With the utmost probability, will be waiting for fixing under USD 8300-8500 and continuation of the fall :

Bitcoin Technical Market Analysis 12th October 2019

The first serious target for sellers is at the price mark of USD 7700, which is the bottom line of consolidation, where the price is moving for two weeks. After breaking this mark the next liquid zone, where in the past the price stopped for 3 months, is USD 6300-6700.

Marginal positions of buyers throughout the week danced tango in a narrow consolidation near the bottom trend line and leaves us intrigued:

Bitcoin Technical Market Analysis 12th October 2019

Sellers have exited from their growth channel, though not too confident. But, they still do not have the confidence to continue falling and close their positions:

Bitcoin Technical Market Analysis 12th October 2019

According to the wave analysis, the situation is unchanged as the price is relatively in place. Although, we have noticed an interesting fact in the analysis of the last two waves: the fall from December 2017 and the growth from 18 December:

Bitcoin Technical Market Analysis 12th October 2019

As you can see, Fibonacci levels are practically the same and you can see how the price is clearly pushing them away. On this basis, we see that an important price mark and the last common level of Fibonacci of both waves is at a price of USD 7200. Therefore, for Bitcoin buyers, this is the last chance to remedy the situation and continue growth, which began from December 2018. Otherwise, the price will fall to USD 6300, where in the past was tight consolidation and it is likely to stop. However, globally, it will mean the continuation of the fall to USD 5300:

Bitcoin Technical Market Analysis 12th October 2019

Given the current activity of Bitcoin buyers, the test of USD 7200 is very likely. So, let’s get patience and see what buyers can show at this price mark. Let’s see if market participants will be able to exit from the consolidation of USD 7700-8600 in the next week. Meet you tomorrow on a daily analysis of Bitcoin price.

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