Miracles are pleasant stories of our lives, when unexpectedly we become happy and our eyes begin to shine from large amount of positivism. However, miracles did not happen either on weekends or from the beginning of the new working week. Bitcoin buyers failed to move beyond the consolidation limits $10,000-10,500 and sellers started their attack on 16 September. Currently, the price mark $10,300 is under seller control. It is evidenced by its breakdown on an increased volume:
In addition to the breakdown, there was a $10,300 test, which confirmed the strength of sellers at the moment. As we wrote in the previous analysis, the price mark is in the middle of the consolidation range, taking possession of which sellers have a chance to break through and fix below $10,000.
Daily timeframe shows us that after a price rebound with a local high of $9,850, sellers are quite passive, but have systematically lowered the price to the blue range for 5 days:
Therefore, in the coming days we will be actively watching the fight in the price range of $10,000-10,100. Then we will see whether buyers are ready to continue the growth to $11,000. Or we will be waiting for a new local low update and movement to the price mark of $9,400.
The loss of buyers enthusiasm is also noticeable in terms of their marginal positions, which decrease after 6 September:
As we can see, Bitcoin buyers still have a great prospect of closing their marginal positions. If the price mark $10,000 is not kept, in the market may appear panic, which will help sellers faster to get to $9,400.
The uncertainty of sellers is also evident, which we can see in the form of consolidation on the chart of their marginal positions continues:
Although, sellers are trying to somehow increase their position during the price fall, it all looks local and windy. And it only confirms the continuation of price movement in consolidation.
According to wave analysis, Bitcoin sellers are now at the 50% mark of growth:
Fibonacci’s critical level 0.382 coincides with the price mark $10,000 we wrote above. As sellers’ attack is now under way, we will estimate the probable target during $10,000 breakthrough:
As a result, analyzing the price from different sides, we see the same targets. Therefore, we are watching the current critical point. Tomorrow we will describe whether the market situation has become clearer. Have a good week and peace of mind in the volumeless market!
Image Courtesy: TradingView