We are glad to see you again on our daily Bitcoin price analysis! Today we summarize the fun slides which occurred during the working week. Also, we will forecast which price movement may be more likely next week.
So, the trading week began with sellers’ attempt to fix under the price zone of USD 10,000-10,100. Sellers have tried to fix below this price range 4 times, but so far it was unsuccessful. Trading volumes are too small, so it’s difficult to call it an attack, but buyers are not trying to stop this weak pressure of sellers.
The 4-hour timeframe shows that starting from 16 September, the price came out of the consolidation zone USD 10,300-10,500 and within a week they practically did not appear there:
Also, on the chart, it is noticeable that activity flashes happened just during attempts to break through USD 10,000-10,100. As a result, we have some aggressive buyers who actively protect the price zone of USD 10,000-10,100. They gladly buy Bitcoin in the false breakdowns of this zone. On the other hand, while testing the price zone USD 10,300-10,500, buyers stop the aggression and sellers come into action with their lazy bear attack:
At the hourly timeframe, we showed how buyers stop the attack, feeling the resistance.
It’s no secret that the price has long been consolidated in the triangle and the culmination is not far off:
Especially, note how volumes fall on a weekly timeframe. Because after the USD 10,500 test, buyers failed to fix above USD 10,300, they no longer had the initiative and the chances of growth continuation diminished.
Buyers’ marginal positions are trying to grow after a week’s fall:
Sellers yesterday tried to get out of consolidation on the chart of marginal positions, but it all ended with a false breakdown:
According to the wave analysis, we have two critical points which will determine whether we will be waiting for a price mark USD 7500 or USD 19800:
After a six-month price growth, sellers are unable to continue the correction below Fibonacci level 0.382 for the third month. This is a rather weak correction, after which you should usually expect no less growth than before the correction. Therefore, globally, if buyers are fixed above USD 11,000, we will expect an uptrend in a few months.
Nevertheless, after Bitcoin sellers fix under USD 9400 and the road to the test of USD 7500 will be open:
Hopefully, the market will revive, fill up with volumes and start a trend, while we have what we have. Meet you tomorrow with a weekly price analysis!