A few days of trading in the local price zone of $9,550-9,650 gave its result to Bitcoin buyers. Today we see that the new local high is the price mark of $9,868. However, there is not much danger for sellers so far. The price is steadily moving in the local black channel, which we wrote about in the previous analysis. And buyers do not create dangerous moments for sellers to panic.
As you can see in the chart, the breakthrough of $9,550-9,650 happened on increased volumes, relatively to the previous candles during the trading period of the price in the black channel. Nevertheless, with the beginning of the new season, volumes continue to decrease, which is really sad. On the daily timeframe, it is particularly visible:
We allow this growth to continue to $10,000, and further with such volumes Bitcoin buyers will not be able to continue their business. At about this price mark, the 2-weeks consolidation begins, which lasted from 14 August:
In this consolidation, volumes were higher than current volumes during the passive growth of Bitcoin buyers.
The marginal positions of buyers are in the same level:
Buyers do not panic and wait for their time.
Sellers’ marginal positions growth is slowing and at the moment they are closing their positions during the growth:
According to the wave analysis, buyers managed to correct the fall wave from 26 August by 38.2%:
It is a pretty serious level to be reckoned with at least on small timeframes and the probability to test $9,650 remains high. Also we noticed the interesting fact, that from each local high we draw the levels of Fibonacci, at the price zone of $10,000-10,100 are clear levels:
Therefore, if Bitcoin buyers manage to keep $9,650, then in our opinion this sluggish growth should end no higher than $10,100.
Currently, there is no need to correct the forecast we wrote yesterday. We continue to wait for the $9,100-9,300 price zone test. Although, from which price does the fall start, maybe $10,000 or from the current price movement range? We hope to see the answer to this question on the chart tomorrow. Have a good week!
Image Courtesy: TradingView