The week of Bitcoin trading comes to an end. So, we want to sum up the price movement, which was ambiguous and too emotional. In the previous analysis, we wrote that there is a high probability of USD 10,880 test. Because after a price fall, buyers at large volumes began to grow, clearly showing everyone that without a serious fight this growth would not end.
Buyers were able to fix a price of USD 10,400 and are currently working on fixing over the price of USD 10,800.
At 4-hour timeframe, we see that Bitcoin buyers left the consolidation zone. Where in history the price was traded from May to June inclusive and continue to try to grow to USD 12,000. However, there no clear confirmation of obvious buyers advantage in the current range. Only after breaking through USD 10,800 and fixing above this mark on the big timeframe, we can say that the phase of the fall has ended. And the continuation of trading in the black channel is waiting for us, in which the price moves from 27 June.
During this week the mood of buyers has not changed and continues to move in consolidation:
Sellers also do not understand the situation and do not rush to increase their positions, they remain in consolidation.
If we analyze the index of fear and greed this week, then we see how the mood of the market participants varied from the indicator of “extreme greed” to “fear”. Because of excessive emotionality in the market, there is such volatility of Bitcoin, in which the price movement by 15% during the day is the norm now.
In the wave analysis, we see that the wave (C) has finished its formation at a price of USD 9085. And it is equal to 0.618 * the wavelength (A):
Therefore, if buyers break and fix over the price of USD 10,800, sellers will not have a chance to continue to fall to the price of USD 7300 and the first likely stop will be USD 11,540:
In general, the black channel of price movement is more like consolidation and it is confirmed by a weekly timeframe:
Bitcoin sharp movement is still ahead. As buyers are trying to attack over the next week, we will monitor price points – USD 10,800 and USD 11,500, and we will correct the scenario during the day analysis. However, at the moment, our main scenario – the continuation of the fall to USD 7300 remains real. Only real facts on the part of buyers can convince us to change the mind. We wish you good luck and profitable trades next week! Wait for the next Bitcoin analysis on Tuesday!
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