Even a short break can do wonders and inspire us to new things. The rest day of Bitcoin buyers was great, but most importantly productive. After an unexpectedly easy breakthrough of the price range $10,350-10,500 today, buyers took a break. In such a way allowing sellers to show what they were capable of. However, all sellers efforts ended in the price range $10,350-10,500:
As we can see on the hourly timeframe, after the stop of buyers’ initiative, a fall channel was formed. There the price was moving less aggressively than during the growth.
Also pay attention on falling sellers volumes. With each subsequent test of the price range $10,350-10,500, volumes were constantly decreasing. It proves the exhaustion of Bitcoin sellers. All 18-hour fall sellers denied with two candles on the hourly timeframe. At the moment the price went beyond the local falling channel.
On a daily timeframe we see that the price of buyers slows down before $11,000. In the recent past, on 20 August, this price mark stopped buyers:
In any case, buyers continue to take the initiative. And the test of $11,000 continues to grow to the upper blue line of the falling channel.
Marginal positions of buyers continue to increase, which indicates their confidence and good mood:
Sellers are also confident in their scenario of the fall continuation and increase their positions on growth:
According to the wave analysis, buyers managed to half correct the previous fall wave from 6 August:
The next local target for buyers is $11,200.
Inasmuch as sellers have failed to break through the red trend line which supports buyers, the scenario of continuation of price movement in the created triangle is quite realistic. Now wave d is formed:
In this scenario, we should wait for consolidation throughout September and October. Confirmation of this scenario will be if sellers keep the price in the range of $11,200-11,500. We continue to follow the attack of buyers and will discuss with you the details tomorrow on a new Bitcoin price analysis.
Image Courtesy: TradingView