After sellers’ triumphant end of the week, price movement has been limited to the certain range which Bitcoin buyers are now trying to break through. In general, the previous week candle closed practically without a pin. So, this week there is a good chance of the fall continuation. Perhaps, not so sure and sharp, but at least sellers will try to update the local low. If we look at the situation more locally, we can see that sellers had not enough strength to fix below the previous local low:
As we can see, each subsequent local low was given to sellers at lower and lower volumes. In addition, each subsequent local low became less dangerous and sharp. Therefore, after the last local low in the price mark of $7,730, buyers have sharply lifted their price to the upper limit of consolidation. Now they are trying to fix themselves above the price range of $8,300-8,500 to continue correction to $9,100-9,300.
However, every subsequent attempt of Bitcoin buyers to break through the blue price range occurs with smaller volumes. It may mean that this time buyers are not ready to take control of this range. Therefore, it is likely that the week will continue in the consolidation between the price marks $7,300-8,500.
Daily timeframe tells us that after two clear false breakdowns which showed weakness and unwillingness of sellers to continue falling without a price correction, buyers have every chance to test $9,100:
The question is whether the growth to this price mark will start today or for some time the price will dance in consolidation.
Despite this prospect, Bitcoin buyers still do not particularly believe in continuing growth in the near future. It is evidenced by the chart of their marginal positions:
However, sellers have decided to outperform buyers in this matter, as their marginal positions have been steadily decreasing for more than a week:
By wave analysis we see that the wave Y, which began its formation from 9 August, is almost equal to the wave W:
Accordingly, if there will be volumes, buyers have a big prospect to end the downtrend. And in the price range of $9,100-9,300, they can take the initiative from sellers. Let’s see tomorrow whether buyers managed to break out of local consolidation. Or for a whole week our eyes will be in terrible pain to observe the price stamping on the spot.
Image Courtesy: TradingView