The fight in the market is becoming increasingly difficult. There is too much trace left by market participants to determine the right price path in the future. Since 6 September, we have a situation where the price on low volumes (at least compared to the volumes from 2 September) is sharply and emotionally moving through the price range $10,350-10,500. As a result, this range begins to lose its importance. We see that Bitcoin buyers are no longer in control of the situation, although they sharply counter-attack. It is especially clear on the hourly timeframe:
Pay attention that since 6 August, sellers have made 3 attacks of the price range $10,350. After the first attack, buyers made a good correction, but after the second attack, which was weaker – they failed even to try to start growing. After the third attack, buyers were no longer allowed to fix themselves above the $10,500 price mark. Though, they tried aggressively to make a difference.
As it is noticeable on the 4-hour timeframe, the price is still moving in the blue local channel, which formed on 29 August. As all of these fights occur on the smallest volumes and are clearly visible on the daily timeframe, we understand that the situation should change dramatically soon. Although, Bitcoin buyers are now showing weakness. Their growth channel has not yet been broken, and we look forward to see buyers try to attack it. Because, in such serious battles one can clearly identify a favorite.
Buyers’ mood has not improved from the previous analysis and even became worse:
Bitcoin sellers also stopped increasing their positions and took the expected position. However, the consolidation shows that the desire to increase positions is great:
In the wave analysis, sellers are beginning to jeopardize the scenario of the price movement in the triangle and the continuation of the wave (d) formation:
If sellers manage to break through the blue local trend line, then the fall wave will continue with targets $9800 and $9200.
So far, the week has not started in favour of buyers. Nevertheless, let’s see if the buyers prepared something interesting while reducing the price? We will analyze this with you tomorrow. Stay tuned and keep your hand on the pulse of Bitcoin prices!
Image Courtesy: TradingView