Hello, readers and subscribers of Bitcoinnews.com. Today we will continue to analyze the movement of Bitcoin price, which is already in the passive position for a few days.
During the new week, from 4 November, sellers and buyers continue to fight for the price range of $9,100-9,300. Buyers are looking better they are trying to build a trend since 26 October. Although this conditional growth has very deep corrections, if sellers do not affect the situation to the end of the week, we think buyers will try to storm the upper trend line of the blue channel again.
In the previous analysis, we talked about a local triangle in which the price can move for a maximum 3 days:
Buyers were able to break through this triangle, and as we can see on the hourly timeframe, it happened on quite large volumes. This is another fact of local buyers advantage over sellers, which may end immediately after breaking $9,300. To predict further growth on such weak signals is early, although the beginning is noticeable.
As for the global situation, candles continue to close below the red trend line on the daily timeframe that sellers have been protecting since 29 September:
In terms of volumes, on the daily timeframe the new so-called attack of buyers is not as aggressive as on 25 October and volumes look like consolidation. For 10 days now, buyers have been able to keep the candle closing above the price $91,00-9,300. It gives us the right to consider an alternative scenario of the price exit from the blue falling channel. Remind you, that our main scenario remains valid, namely the continuation of the fall to $8,500. But if Bitcoin buyers are fixed above $9,800, then the 4-month trend of sellers will be broken. So, buyers should be confident enough to reach the price mark $11,000.
As for the mood, for the last 2 days buyers have actively increased their marginal positions:
Pay attention that there is no noticeable change in BTC/USD price chart, but the margins have increased steadily. It is a risky policy to increase position in consolidation, which may end with the same sharp closing of positions, but with a significant price fall.
Bitcoin sellers continue to be unsure and are in no hurry to increase their marginal positions:
According to the wave analysis, the situation remains the same. Until buyers managed to cope with the blue falling channel, $7,960 is the next global target of sellers. An alternative scenario is the growth continuation to begin to $11,450:
We expect a revival of the market and tomorrow we will see whether buyers can more clearly change the situation in their favor.
Image Courtesy: TradingView