The working week is coming to an end, but Bitcoin buyers have not completed fixing above the critical price range $10,350-10,500. For three days, buyers are buying up all of the seller offers. The fall of seller volumes indicates of a possible weakening and the growth continuation in the near future.
Consolidation on the hourly timeframe looks like a right-angled triangle, which the price more often breaks up:
To continue growth to $11,200, buyers need to break the price mark of $10,730, the attack of which is happening now.
On a daily timeframe, we see a clear passiveness of Bitcoin sellers to change something in the current price range movement:
To get started, note what sellers have been able to do after breaking through important critical points within 2 days. It is more like a temporary slowdown in price than its likely reversal.
It is confirmed by volumes which are smaller than the that with which buyers organized growth. Therefore, the scenario of the growth continuation and test of the upper blue trend line and the yellow price range $10,200-10,500 remains the main one for us.
The desire to continue growth is expressed by the marginal positions of buyers, which during the three-day consolidation continues to increase:
Sellers have ambitions; proven by their chart of marginal positions. There, Bitcoin sellers are trying to increase their positions and believe in continuation of the fall. However, faith without work is dead, and in our case, the appearance of candles and volumes emphasize the complete passivity of sellers:
According to the wave analysis globally, the situation is unchanged and buyers have corrected the previous fall wave (c) by 50%. The price continues to move in the global triangle, forming a new growth wave (d). If we approach the analysis locally, it is clear that after a sharp increase of buyers, the correction of sellers is 23.6%:
Such a weak correction could be a signal of a strong growth continuation with a target $11,350. And with increased volumes of buyers and breaking the blue trend line, the first stop can be in the price $12,000:
Therefore, we expect a continuation of growth in the range of $11,200-11,500, to be exact to the price $11,350 and with high probability the price will turn around and continue its movement within the blue-red triangle. Let’s see what will happen at the weekend. Will buyers be able to implement this scenario by the end of this week? Keep your hand on the price pulse with us and see you tomorrow!
Image Courtesy: TradingView