Rest always ends abruptly and unexpectedly. So in our case, the consolidation which emerged after a sharp fall on 10 August ended with a new falling impulse. Bitcoin sellers managed to break through the first critical point we wrote about in our previous analysis. Buyers have not yet been able to raise the price above $11,100, but a test of this mark is quite possible.
On the way to $10,500, it is important for sellers to keep $11,100. Because there passes the trend line of a new local falling channel:
On the hourly timeframe, we see that the price has slowed in the range of $10,800-10,900. Volumes are still increased in this range. However, the following buyer candles are not so vivacious in terms of candle size and volume:
Despite the false breakdown which is clearly visible on the 4-hour timeframe, the global prospect of fall continuation is clearly seen on the daily timeframe:
Bitcoin buyers are not so disappointed about today’s fall. Their marginal positions have certainly decreased, but most of them have decided that today’s fall is a windy trick of sellers:
Nevertheless, with a sharp change in the mood of buyerss, we can see much more aggressive candles than today.
Sellers are also closing their positions and are not sure about the fall continuation.
If we analyze the index of fear and greed, we will see that the situation is somewhere in the middle.
According to the wave analysis, sellers managed to break the level of Fibonacci in the price range of $11,200. Now the way is open to the next level at $10,500. We repeat this scenario in many analyses because we do not even see a hint of changing it.
Locally, we see that after the fall wave from 10 August and the correction in the form of consolidation, the next wave of the fall broke an important level 61.8% from the previous wave of the fall:
Looking at false breakthrough on the 4-hour timeframe, we can again see exciting and dynamic consolidation. And then Bitcoin sellers continue their journey. Will we closely monitor whether buyers have strengthened during each price fall? Daily analysis will not let us miss this moment, so stay tuned and see you tomorrow!
Image Courtesy: Bitcoin News