Character is an important component which can break all obstacles, all statistics and forecasts. However, does it apply to Bitcoin trading? Let’s try to understand today. Yesterday’s attempt of buyers to break through the price range of $8,300-8,500 was unsuccessful. What do sellers need to continue the price movement in consolidation and the test of $7,700-7,800? Buyers did not allow sellers to fix below the blue range, and now they are trying to get through this price zone. The problem is that no special volume bursts are visible and for a few more days the price can stick to $8,300-8,500.

Daily timeframe shows us that today, sellers intend to continue the fall and are eliminating yesterday’s day candle which closed inside the price zone:

Bitcoin Technical Market Analysis 3rd October 2019

Therefore, despite the local nature of buyers, our scenario of continuing consolidation within $7,700-8,500 remains relevant. Thus, if a local sellers attack is weak and with less volumes than the previous one, then buyers will have an extremely high chance to test $9,000.

For a day now, buyers continue to behave mysteriously without creating significant movement on the chart of marginal positions:

Bitcoin Technical Market Analysis 3rd October 2019

Bitcoin sellers continue to hint that they are ready to continue moving in the blue channel on their chart of marginal positions. And for the third day increase their positions while the price is in consolidation:

Bitcoin Technical Market Analysis 3rd October 2019

Looking at the weekly timeframe, we are still scared by the current weekly candle. It is not competitive with the previous candle, either in size or volume:

Bitcoin Technical Market Analysis 3rd October 2019

In the previous analysis, we wrote that the fall should not be as strong as the previous week because of the price mark at $7,500. However, looking at the weekly timeframe, the real strong support is much lower in the price range $6,200-6,700. If buyers do not change the situation by the end of the week and do not test at least $9,000, next week the fall will continue. Therefore, we are expecting locally – a new attack from sellers to see their strengths. And globally – continuation of buyers correction, if they do not want to see the price $6,200 for Bitcoin from next week.

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