Slowly but surely, Bitcoin price was again near the bottom line of consolidation and the black trend line, which is already testing for the third time. What can we say about a new local sellers’ attack? Firstly, this time it lasts much longer, almost twice, than the previous two times. If the previous two lasted approximately 5 days, then the current attack will soon pass in time for 10 days.
We do not notice much difference in volumes. The only fact which indicates the continued dominance of sellers in the market is price rebounds. Pay attention to how it looks like the price rebound for the first time when sellers were not even given enough time to enjoy their achievement:
After the second attempt by sellers, buyers with the next candle on the daily timeframe absorbed sellers’ achievement and started their counter-attack. This time it seems like this rebound may not be. And the fall will continue further with a possible stop at about USD 7700 and with a probable ending at a price mark of USD 7200. As you can see, we continue to adhere to our main scenario.
The second interesting fact, in favor of sellers, is quite noticeable on the 4-hour timeframe – namely how buyers initiative looks like:
After the candle formed from one pin, Bitcoin buyers failed to show aggressive movement. It is clear that their growth is slowed down by sellers who form the pins upwards. Also, each subsequent candle is accompanied by a smaller volume, which may indicate the tiredness of buyers.
As we see with the mood of buyers is not perfect too. Marginal positions of buyers remained in the consolidation, but today buyers reduced them:
After leaving the trend channel, the marginal positions of sellers also stopped in consolidation. The mood of Bitcoin sellers still does not look confident. Let’s see how it changes if sellers break through the bottom line of consolidation.
According to wave analysis, the situation is unchanged. Wave Y, which at the price mark USD 7700 will be equal to the wave W, is forming now:
So first, let’s see if sellers manage to test this price mark during the weekend. Tomorrow we will make a summary of the week and a forecast for the next week. We wish you to generate patience and peace around you and keep your brain cool. Save your deposits!