From the 2nd day of the new month, there was good price dynamics, which was supported by increased volumes. Bitcoin buyers answered the previous analysis questions and were able to change the market which seemed critical to them. Bitcoin price increased by 7% yesterday. Buyers safely came out of the black channel, the growth of which resembled a weak correction before the fall continuation. They were able to easily break through $10,000-10,100 with the help of volumes for the 2nd time. The hourly timeframe shows the fight of sellers in this price zone, which was not enough to stop the price:
At the moment, buyers stopped at the next important point of $10,350-10,500. Taking into account the small volumes in the market, before that in our monthly forecast, we expected to test this price zone in the end of the month. Inasmuch as the situation with volumes on the small timeframes has changed dramatically, so we should consider the scenario of the fall end and the beginning of a new wave of growth within the global blue channel with the target of $11,300-11,500:
The pace at which the price crept into the $10,350-10,500 price range and how the day candle closed, makes us aware that the probability of breaking through this price zone is high. Increasing volumes on a small timeframes looks better than on a daily basis, but this is sufficient for movement inside the blue channel. Also pay attention to the red trend line which forms the triangle along with the upper line of the blue channel. Given that the volumes on the daily timeframe have not changed, this scenario is quite real.
Marginal positions of buyers increased yesterday, but are still in consolidation:
Sellers have reduced their marginal positions and after breaking through $10,350-10,500, their reduction will continue actively:
According to the wave analysis in the price $10,500, buyers corrected the fall wave from 9 August by 38.2%:
Nevertheless, breaking through this serious Fibonacci Level opens the way for buyers to test the next critical level 61.8% at the price $11,200. Will buyers cope tomorrow with a price range of $10,350-10,500? Follow our daily Bitcoin analysis and keep your hands on the pulse of the price!
Image Courtesy: TradingView