Well, today the price continues to drift and miracles have not happened yet. Yes, Bitcoin buyers were able to change the local trend and now they are spinning around $8,300-8,500. But, for us it was more regular than an unexpected change in the direction of price movement.

In the previous analysis, we wrote that buyers are weakening locally, and if we see a few more candles with pins down near $7,800. It will mean the wave fall end and continuation of the price movement in the consolidation range of $7,700-8,500. In addition to the fact that we got several candles with pins on the 4-hour timeframe. These candles were backed up by low volumes, which does not help during the attempt to break an important price mark:

Bitcoin Technical Market Analysis 8th October 2019

Therefore, the persistence of buyers can be understood. Bitcoin buyers were able to easily reach the upper limit of consolidation in 1 day. We think they intend to break through this consolidation and continue their growth to $9,100. So far, the volumes have not grown enough to say with certainty that this attack will be successful.

Although, on a daily timeframe we see an absorbing candle of buyers, which indicates a high probability of growth continuation:

Bitcoin Technical Market Analysis 8th October 2019

As we can see, today is the day of the temporary stop of the price before the upper limit of consolidation. So, tomorrow we will see if buyers will be able to buy out the entire offer of sellers, fix above $8,500 and continue their journey. Or should we continue to expect price movement inside the boring consolidation.

Analyzing the mood of buyers, it does not correspond to the positively drawn picture on the chart. The fact is that yesterday, when the price of Bitcoin rose sharply, buyers at the moment were also actively closing their positions:

Bitcoin Technical Market Analysis 8th October 2019

The impression was that buyers were waiting for a minimal price growth to close their positions.

Sellers also closed their marginal positions during the growth yesterday:

Bitcoin Technical Market Analysis 8th October 2019

It seems that market participants did not expect this situation at all and decided better to reduce their positions until the situation became clear.

According to the wave analysis, the picture is stable and we expect the breakthrough of global critical points at $7,700 and $9,100:

Bitcoin Technical Market Analysis 8th October 2019

We are waiting for active actions from buyers and tomorrow we will see whether the current growth will be justified or will not be effective. Good luck and keep your hand on the pulse of Bitcoin prices with us!

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