Sellers have broken the trend line of buyers from 13 March.
Buyers are confidently keeping the price fall in the range $6900.
By keeping the mark $7300, buyers will open the way to the mark $6000.
Yesterday’s trading day on Bitcoin market ended with almost no sharp moments. Except, sellers’ unsuccessful attack on the trend line of buyers, throughout the day Bitcoin price was moving in the range $7260-7420. In the previous analysis, we mentioned yesterday’s false breakdown of the trend line, which gave buyers a chance to start a new attack in the range $7600-7800.
However, after the successful closing of the candle on the hourly timeframe, buyers did not continue the pressure. And they were unable to confidently fix in the range $7260-7420:
To continue the growth, buyers should immediately break through the red trend line of sellers. Instead, a consolidation without volumes was created with a steady lowering of local highs. Thus, a sharp shot from the trend line of buyers was a defense, not a counterattack and during repeated break of this line, buyers did not resist.
The breakthrough of the trend line of buyers in Bitcoin market was on increased volumes. At the 4-hour timeframe it is noticeable that the candle closed with practically no pin. Sellers are trying to test the level $6830, which has repeatedly kept buyers’ attacks. In this case, it will keep buyers from the fall continuation with a target up to $6600.
Although the trend of buyers is broken and weakened, it does not mean that sellers have the initiative. To check it, it is important to see what answer buyers will have for Bitcoin price lowering and whether they will be eager to buy Bitcoin as during previous corrections. If buyers are unable to fix above $7350, we believe that the growth in Bitcoin market since 13 March has come to an end. And now, we expect its global correction with a target $6000.
At the moment, buyers with limit orders keep Bitcoin price above the mark $6830. Therefore, the probability of a new wave of growth is quite high.
On the daily timeframe, today’s fall still looks like a correction and a 4-day consolidation test:
According to the wave analysis in Bitcoin market, we see the following scenario:
This scenario is probable if buyers are unable to fix above $7300. Otherwise, buyers will continue to grow to the level $7800. However, in any case, we continue to expect a correction for growth from 13 March. We hope to see tomorrow whether buyers have the strength to update the high.
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