If we talk about Bitcoin price movements, just one day was interesting and emotional this week. This activity was linked to a false breakdown of the price zone USD 10,000-10,100. After that buyers, on the same day, managed to test the upper limit of consolidation USD 10,500. However, as the storm began spontaneously, so did it subside, leaving behind an old good song by Bitcoin sellers called ” little strokes fell great oaks “. Low volumes, weak but constant pressure on buyers is still giving results.
Pay attention to the weekly timeframe, how the pace of buyers went off:
By moving in the triangle, Bitcoin buyers were not even able to test the upper trend line. Thereby giving the opportunity for a new attempt to break through the red trend line.
Opening the daily timeframe, we can see that in the global consolidation in the form of a triangle, the local consolidation appeared. We have highlighted it by another black trend line:
In this case, the passive price movement can continue until 6 October, after which the price sharply shifts to one of the global trend lines.
At the 4-hour timeframe, we see a local attack from sellers who have broken through the price zone. Now, they are trying to fix below:
If they successfully fix today, the next Bitcoin sellers target may be in the price zone of USD 9580. By the power of buyer resistance, we can determine if sellers are more likely to break through the global triangle.
Marginal positions of buyers only confirm the passivity in the market, as during the whole week no active actions were revealed:
Sellers’ marginal positions continue to be near the upper trend line of the blue channel. And as of the second week, they cannot exit from their range:
The persistent market stagnation aggravates the situation, making it less predictable. In the previous analysis, we published two main scenarios of price movement, when the price go out of the triangle. Today, we did not see any signals which would indicate a change in the market forces in the global sense. Hopefully, by the end of this month, the situation will clear and the market will rise from the dead.
Charts Courtesy: TradingView