Congratulations to everyone with the end of this past emotional week. Let’s start a new daily analysis of Bitcoin price movements. As you can see, the price is now trading above the price mark of $9,100-9,300. It gives buyers a chance to continue their aggressive growth and change the trend, but it is not so easy.
Now, the price has stopped again near the upper trend line of the falling channel. Bitcoin buyers are no longer persistent in their attack. The volumes at the re-test of the trend line are much lower than the previous ones. So far, buyers are not able to update the previous local high. Buyers sustained the first local attack of the price range of $9,100-9,300.
But globally, looking at the daily timeframe, sellers did not even try to counter-attack:
If today’s daily candle closes approximately as it now looks on the chart – another test of $9,100-9,300 is inevitable. In yesterday’s weekly analysis, we wrote about high probability of the price fall to $8,500, if buyers are not able to fix above $9,100-9,300 this week. In this scenario, buyers will still have a chance to continue their growth. Currently, buyers have managed to close a weekly candle in their favor and this week perhaps will be passive:
Marginal positions of buyers are again trying to restore their previous level. For the second day, they are trying to increase, but the price now is about on the same level as two days ago:
We can say that after the sharp growth to $10,500, many buyers have fixed their profits. And now the market cools and buyers are beginning to see the prospect of the price growth continuation.
Sellers look a little worse:
If we look at the situation locally, according to the wave analysis yesterday sellers were able to correct the growth from 25 October by 50%. Now, buyers are already trying to continue growth.
If Bitcoin buyers manage to reverse the trend of sellers, the first stop of the price should be at the price mark at $11,350:
At the end of next week will be an interesting event – the closing of the monthly candle, which now looks to the benefit of buyers and to see $11,350 next month is quite real. Therefore, we are closely monitoring the price movement this week. Tomorrow we will analyze whether buyers managed to reach the upper trend line and change the trend of buyers. Have a good week!
Image Courtesy: TradingView