Congratulations to all readers of our Bitcoin price analysis. Today we will analyze whether there have been significant changes in the market on the second day of the new week. Price continues to pull investors’ leg and continues to be in the price range of $8,300-8,500. We mentioned about it in several of our previous analyses.
Buyers try to prevent sellers from fixing below this price range. And they immediately return the price back to the blue range. Besides the fact that at big timeframes we see consolidation, then on the hourly we can see how the price narrows even further in the red triangle:
It can only mean one thing, that no later than tomorrow, we will witness a new strong movement in the market, and probably it will be a fall.
On a daily timeframe, candles confirm our opinion concerning Bitcoin price fall continuation in the near future. Pay attention to the candle on 11 October:
As we can see, after the unsuccessful breakthrough of $8,500 by buyers, sellers immediately rushed into the battle and lowered the price sharp. After that for several days, buyers are unable to continue growth. Bitcoin sellers are trying to prevent buyers from fixing themselves on the price mark at $8,500 and are pushing the price lower and lower every day.
Marginal positions of buyers as began to decrease earlier this week so today is no exception:
Bitcoin sellers are also reluctant to take risks in the face of uncertainty in the market. They also consider reduce their marginal positions and looking at the situation further:
According to wave analysis, the situation remains unchanged both locally (you can see more in our previous article) and in the global one (see our weekly analysis).
Well, we’re gaining some patience and hope to look at the price movement in more detail tomorrow. However, we are expecting a test of $7,700 to begin with and the final target of $7,200.
Image Courtesy: TradingView