The new Bitcoin trading week has begun with the old fight between buyers and sellers over the price range of $8,300-8,500. So far, the initiative has not passed from the hands of sellers to buyers. Now, we are looking at something like fixing the price under the price range of $8,300-8,500 to continue the price journey to $7,700. At the 4-hour timeframe, we see that after a sharp test of $8,300-8,500, buyers behaved quite passively within 3 days.

Today sellers managed to break all the efforts of buyers with the help of one 4-hour candle. And once again they prove that buyers do not have the strength and desire to change something in the current situation. Buyers are waiting for more serious support to create a counterattack. In this situation is only one thing which scare. A rather weak correction on the part of buyers after a sharp 30% fall does not inspire to think about the global price reversal in the near future. The $9,100 test never happened and now sellers hold all the cards.

On the daily timeframe, the third candle is already closed under the blue price zone. It confirms the fact that Bitcoin fall will continue to $7,700:

Bitcoin Technical Market Analysis 14th October 2019

In the chart of buyers’ marginal positions, intrigue is growing. Marginal buyers positions are a step towards a break in the trend and the longer the consolidation takes place, the stronger the movement we will see in the future. At present, the consolidation lasts for 16 days:

Bitcoin Technical Market Analysis 14th October 2019

Bitcoin sellers are trying to get back their marginal position into the trend channel. Although, so far this is happening with little effort and in small steps:

Bitcoin Technical Market Analysis 14th October 2019

We summarized the global wave analysis situation in the previous analysis and determined that the global critical point for buyers is $7,200. If you look locally, the wave of growth which began on 7 October, as a result of which buyers broke the price range of $8,300-8,500, has now been corrected by sellers by 61.8%:

Bitcoin Technical Market Analysis 14th October 2019

Theoretically, buyers can hope to continue the wave of growth from 7 October. However, it requires at least longer consolidation to significantly reduce the aggression of sellers and still be fixed at least at 4-hour timeframe above $8,500. In this case, Bitcoin buyers can expect $9,100. Therefore, locally, we continue to monitor the results of the war in the range of $8,300-8,500. Tomorrow we will analyze whether our main downside scenario is as likely or the market situation will change. We wish you good week and the right financial decisions!

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

Image Courtesy: TradingView
Comments are closed.

Check Also

Ethereum Price and Technical Market Analysis 21st November 2019

Today, sellers have managed to clear an obstacle on the way to the fall continuation, name…