The new Bitcoin trading week has begun with the old slogan of sellers “Push, don’t hurry”. Every hour, sellers continue to update the local low. They don’t allow buyers to approach above the price mark $10,100, demonstrating buyers’ weakness. Maximal buyers achievement for today is a test of the local trend line, after which a new wave of fall began. This achievement is clearly visible on the hourly timeframe:

Bitcoin Technical Market Analysis 23rd September 2019

$9,715 is the minimum of today that buyers aren’t ready to put up with yet. As we see sellers only managed to touch this price mark. But until sellers can not close at least 15-minutes candle near this price:

Bitcoin Technical Market Analysis 23rd September 2019

However, the strategy of buyers to slow down the price without counterattack is a losing strategy and it’s only a matter of time.

Yesterday’s candle didn’t create any threats for Bitcoin sellers. The volumes of this day candle have shown that in the price zone of $10,000-10,100 no powerful buyers who can change the local trend. So, the journey of the price continues to the lower trend line of the global triangle:

Bitcoin Technical Market Analysis 23rd September 2019

Though, buyers clearly do not despair. It clearly shows the chart of their marginal positions, where during a sharp test of the price mark $9,715, buyers have sharply increased their positions:

Bitcoin Technical Market Analysis 23rd September 2019

Sellers also believe in a bright future and increase their marginal positions. For all that, they have not yet crossed the limit of consolidation:

Bitcoin Technical Market Analysis 23rd September 2019

According to the wave analysis, the wave (d), which forms a consolidation movement inside the triangle, was corrected by 78.6% twice:

Bitcoin Technical Market Analysis 23rd September 2019

Assuming that wave (d) is complete (although buyers have not yet tested the upper trend line), the wave (e) is forming now, which is often the final one in the triangle. The range of price movement is narrowing and we may not see such a long stagnation in October.

The critical points that we wrote about in the previous analysis remain the same. Bitcoin sellers continue to have initiative and tomorrow the price may be about the bottom of the triangle. Will buyers manage to keep the price inside the triangle? See you on Tuesday 24th September!

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: TradingView
Comments are closed.

Check Also

Bitcoin Price and Technical Market Analysis 14th December 2019

Price continues to move within the consolidation limits at $7,100-7,800. Buyers do not wan…