Weekend starts with a new attempt of buyers to fix themselves above the price mark of USD 10,300. Yesterday, Bitcoin sellers attempted to complete buyers attack and broke through USD 10,300, setting a local low USD 10,155. However, due to the quick reaction of buyers, a false breakdown was formed on the chart. If you look closely at the volumes, this time the fight for USD 10,300 price mark was not as bright as it was on 6 September:
As we can see, in the past there has been a more serious fight for this price mark. But looking at how often it is broken up and down, we begin to doubt its importance at the moment. If you look more closely at the range USD 10,000-10,300 (the range in which the price has consolidated for some time since 10 September), you may notice a small accumulation of volume in the narrow corridor of USD 10,000-10,100:
The hourly timeframe shows that after the price stop and test USD 10,000-10,100, only then buyers began to grow. This local foundation for Bitcoin buyers will be a turning point if sellers take control of USD 10,300.
On the daily timeframe, we can see that the candle formed in length is almost identical to the candle from 12 September. Although, in appearance, they are clearly different:
It shows us that although buyers have taken the initiative on 11 and 12 September, the reason for their success is the lack of resistance from sellers in the range of up to USD 10,500. Therefore, growth continuation is only possible with an increase in volumes which we do not see from buyers.
Buyers are not disposed to continue growing. It is indicated by their marginal positions, which continue to fall:
Sellers have so far taken a passive position. Their marginal positions are moving in consolidation:
If you look locally, according to the wave analysis, Bitcoin sellers yesterday corrected the wave of growth from 11 September by 50%:
Locally important level is USD 10,230, at which tomorrow we will analyze the current forces of Bitcoin buyers. Speaking globally, the correction is still going on after the 30 August growth. If buyers hold USD 10,000-10,100, then the next buyers’ target will be USD 10,800:
Therefore, we are monitoring what will happen with the initiative of buyers. And tomorrow we will sum up the results of the weekly price movement.
Charts Courtesy: TradingView