We are glad to see you again on a weekly analysis of Bitcoin price movement. Here we will sum up and see if the forecasts we have set at the beginning of the week work out and what we should wait further on.
This week begins practically with the beginning of the new month. During August, the price moved in the range of 23% and the month candle has a huge pin, which shows the confrontation of sellers:
In Bitcoin analysis from 1 September, our main scenario for the first part of September was consolidation with growth continuation up to USD 10,500. However, buyers managed to surpass this scenario by testing the price mark USD 10,900. In addition, buyers are trying to keep the price range USD 10,350-10,500, using it as a foothold for growth continuation.
During the trading week, Bitcoin buyers were able to improve their market situation. And now they have the right to claim growth continuation to the price mark USD 11,350:
Although, an important condition – the price range of USD 10,350-10,500 should be kept. Since 3 September, there is a fight for this range and sellers are trying to respond to buyers aggressively. Nevertheless, this aggression is only a single bomb and is not supported by continuation:
In case the sellers can take control of the blue range, the next chance of buyers can start only after keeping the price mark USD 10,000.
Throughout the week, Bitcoin buyers actively increased their marginal positions. But on weekends positions start to decrease:
Sellers have been acting identically, increasing their marginal positions and starting to move in the blue growth channel:
According to the wave analysis after the price growth from 30 August, sellers started the correction, which corrected the price by 38.2%. Now, the price is in consolidation between two levels of Fibonacci:
The main scenario of growth continuation and formation of the wave (d) remains valid. Let’s see if the war in the price range of USD 10,350-10,500 ends next week and whether buyers can continue their growth. Have a good start of the new week!