So far, the new month of autumn has not yet been somehow noted on Bitcoin chart. Only local changes within the price range $9,100-9,300 are visible, but the price is still in one place during the week. The 4-hour timeframe clearly shows buyers’ attempts to organize a trend. As we can see, they do not allow the price go below the bottom line of the newly created trend. However, as we wrote in the previous analysis, deep corrections and the lack of a confident fix over $9,300 casts doubt on the power of buyers and the ability to continue growth, breaking the 4-month trend of buyers.
Analyzing volumes, we see that buyers have strength only for one strong attack, as on 4 November. After sellers’ resistance, buyers immediately enter standby mode and the price continues to drift within the channel.
At the moment, the initiative has been intercepted by sellers and they will try to fix lower than $9,100. Currently, Bitcoin sellers have the advantage. As they also managed to keep the upper trend line of the falling channel and lower the price below the red trend line that kept buyers from 26 September:
Also, on the daily timeframe you can see that the new attack of buyers is still unsuccessful. And by the end of the week we can see the test of the price mark at $8,500 to begin with.
We continue to be amazed by the mood of buyers, which with Bitcoin price fall only improves:
Pay attention that buyers significantly increased their marginal positions on 4 November. It was during an attempt to get out of the blue falling channel. After this attempt, buyers do not give hope for growth continuation, but marginal positions are increasing. It is a very dangerous situation if sellers are able to fix below $9,100.
Sellers look less confident than buyers being on historical lows and during the price fall:
According to the wave analysis, globally, the situation remains unchanged. Locally, Bitcoin sellers are trying to correct the growth below since 26 September. Now, there is a fight for Fibonacci level 0.382:
If sellers manage to fix below this level, then $8,590 will be the next problem for them. Let’s see tomorrow how the working week looks like and what should we expect on the weekend!
Image Courtesy: TradingView