The growth of Bitcoin price during 3 June was 2%.
The decrease of volumes and volatility indicates the formation of consolidation in the range $9440-9700.
Fixed below $9400, sellers will continue the price fall to $9000.
Yesterday on Bitcoin market, buyers tried to regain their positions after a sharp price fall from the mark $10,400. During the day Bitcoin price rose by 2%, setting a local high at $9690. At the moment, buyers do not feel very confident because they do not understand whether sellers have completed their attack. Yesterday’s trading volumes were the lowest in the last 10 days and this fact should alert buyers.
Despite the closing price of yesterday’s daily candle, which is higher than the opening price – market sales were higher and their share was 51.2%.
Buyers still do not have the strength to even test the previous critical point $9700. So, at the moment we do not expect the growth continuation today. Looking at the decrease in the activity of Bitcoin market participants, the price will spend some time in consolidation and it is an optimistic scenario. In the worst case, the fight for the upper trend line, which is currently underway, sellers will win and continue to fall to Bitcoin price $9000.
In the 4-hour timeframe, we see that buyers do not allow sellers to fix the price below $9440:
It is at this point that the liquidity zone ends and the party which owns it will have the right to continue its trend. Therefore, although without special volumes, but buyers are stronger in this price range. And the probability of continued growth with the target to fix above $9700 is our main local scenario.
The dominance of BTC in the crypto market continues to decline and now is 65.82%:
The indicator is testing the blue trend line for the third time and now is a critical moment for buyers. After falling below the blue trend line, the impact of BTC will continue to decrease in direct proportion to the price. Therefore, this is another fact of probable continuation of consolidation, which may continue until the end of the week.
Over the past two days, the mood of buyers to continue Bitcoin price growth has not changed much:
As we can see in the chart above, buyers are partially reducing their marginal positions, but it is not critical.
Another thing is sellers who behave uncertainly, reducing their marginal positions for the second day.
Thus, it is necessary to expect continuation of the fight in Bitcoin market in the given range and the price fixing above critical marks $9700 or $9440.
Image Courtesy: TradingView