We continue to analyze the price of Bitcoin this week. First of all, we see that after the previous analysis, sellers were able to reach our first target and try the price zone of $7,550-7,770 for durability. By the nature of the price movement, we see that even when approaching this price zone, large volumes were needed to continue the fall. At the first attempt to break through this price zone, we see increased volume. However, the second attempt of breakthrough was on significantly smaller volumes:

BitcoinNews.com Bitcoin Market Analysis 6th June 2019

Sellers have stopped the pressure and thus allow buyers to start growth with the target of up to $8,200-8,300. This is quite acceptable growth within the short-term falling trend, after which the fall can continue:

BitcoinNews.com Bitcoin Market Analysis 6th June 2019

At the moment, we see consolidation over the price zone of $7,550-7,700, but whether or not there are enough buyers who are ready to buy at current prices, we need to analyze with a help of volumes and we hope that the situation will be clearer in the weekly analysis of Bitcoin.

If we consider an attempt to break through the price zone of $7,550-7,770  on a 15-minute timeframe, then it is clear that the buyers simply stopped the fall and are not trying to sharply change the situation at the moment:

BitcoinNews.com Bitcoin Market Analysis 6th June 2019

Analyzing the mood of buyers, the index of fear & greed has changed significantly and is on the mark:

BitcoinNews.com Bitcoin Market Analysis 6th June 2019

It is confirmed by the marginal positions of buyers which continue to close:

BitcoinNews.com Bitcoin Market Analysis 6th June 2019

It is interesting that sellers do not feel confident in this situation, and also close their positions. In fact, sellers began to increase their positions, starting on 19 May, when the price began to break the price zone of $7,550-7,770. Therefore, it is possible that those sellers who have increased their positions on the growth of prices are now partially closing positions without loss of deposit, having survived growth to $9,000:

BitcoinNews.com Bitcoin Market Analysis 6th June 2019

In wave analysis, we see that the first wave of the fall, which began on 30 May, is almost the same with the second wave.

At the price of $7,813, sellers corrected their previous growth by 61.8%, and now buyers are trying to stay above that level of Fibonacci:

BitcoinNews.com Bitcoin Market Analysis 6th June 2019

Therefore, at the moment, sellers have the initiative and how strong it is we can only sum up the results at the end of the week. Meanwhile, we continue to observe the consolidation by remembering the critical points mentioned above.

 

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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: Bitcoin News
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