The working week is coming to an end but yet the relationship between sellers and buyers has not been resolved in the price range of $9,100-9,300. In principle, the situation is natural, as the previous week was quite active and before the movement continuation market participants should recharge. During today and yesterday Bitcoin sellers tried to break through the price range of $9100-9300. Though, as we can see, it ended with two false breakdowns on the 4-hour timeframe.

After the second unsuccessful attempt of sellers, the initiative was intercepted by buyers. Now they begin a new attack with a minimum target of $9,840. It is a very real target which does not imply a global falling trend and it does not require special volumes, because the range from $9,300 to $9,800 is lacking in liquidity and a large number of sellers.

The only reason that can harm Bitcoin buyers is the increased activity of sellers in this range. At the hourly timeframe, we see that during last hour, Bitcoin buyers with relatively large volumes are trying to get out of the yellow price zone. And if we look at the candle closing, buyers will succeed.

Daily timeframe connoisseurs did not notice any sharpness throughout the week as the price peacefully moves in consolidation on small volumes:

Bitcoin Technical Market Analysis 31st October 2019

Although, the price has not closed on the daily timeframe below $9,100-9,300.

An interesting fact is noticeable in the chart of marginal positions of buyers. In the last 2 days, buyers have confidently closed their positions while sellers tried to lower the price below:

Bitcoin Technical Market Analysis 31st October 2019

The mood of buyers is not as positive as it was last week.

Sellers have a similar situation. Today buyers made an attempt to start growing. At the same time, sellers were frightened and sharply close their marginal positions:

Bitcoin Technical Market Analysis 31st October 2019

According to the wave analysis, buyers were only able to touch 0.382 Fibonacci level. Sellers further do not allow to correct the fall wave which began on 26 June:

Bitcoin Technical Market Analysis 31st October 2019

It is not yet clear whether the current consolidation is preparing for a trend change and breaking the upper blue line, or is there a change in market forces. The critical point of $9,100-9,300 remains neutral. Tomorrow we will see if sellers will be able to change the situation and continue their fall to $8,500. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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