The week ends and sellers have not been able to impose their game. After a sharp fall in the price range of USD 8200- 8300, sellers stopped their attack, and buyers after a short consolidation quickly returned the price to the consolidation zone of USD 8530- 8950, which we described in detail in the previous BTC analysis. On the daily chart, we see that the fall on 30 May occurred within the local growth trend that lasts from 17 May. If we analyze the 4-hour timeframe, then we see a stop in the price zone of USD 8200-8300 and the fall to this price zone more like a check of buyers for the presence of force. We remind that the buyers tried to break through and fix over this price zone for 2 weeks and so to capture this price zone won’t be easy:
As buyers began their new attack, we expect at least the test of USD 8950 whether the sellers still have the strength to defend their positions. If buyers can break USD 8950, then the growth within the channel will continue to the upper trend line of the channel, approximately to USD 9700.
Marginal buyers positions continue to be consolidated, but at the moment they are increasing:
Starting from 27 May sellers also do not show their mood, staying practically on the spot:
In the wave analysis, we see that wave (5) continues to form, which in turn also consists of 5 waves, and now in our opinion, the last wave begins to form:
The fall of 30 May corrected the previous growth by 61.8%, after which growth was restored:
It is interesting that the fall, which occurred on 20-23 May, also corrected the previous growth by 61.8%:
Interesting coincidences. Given the situation, the first stop on the way of buyers can take place at a price of USD 9060 and a final price of USD 9600. At these points, the end of growth is possible, which lasts from December 2018.
Globally, the month candle closed so cheerfully that it seems that there are virtually no sellers on the market and all who bought this coin are not about to sell it in the near future:
However, in the weekly timeframe, we see an apparent price deceleration for two weeks. Taking into account the growth without correction from December 2018 and the current price stop in the range of USD 8530-8950, the probability of a correction is rather high. The critical point is USD 8200-8300. Under this scenario, the first possible price stop is USD 7000.
We hope that the next week will be more dynamic and more intense in trading and will give us more information for a clearer prediction of the price movement. We wish you constant profitability in deposits, meet tomorrow and analyze Litecoin!
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market.
Image Courtesy: TradingView
