Sellers were able to test our target $5130.
Bitcoin price continues to be in consolidation.
Without keeping the mark $5130, buyers will be in the risk facing the mark $4880.
Yesterday’s trading day on Bitcoin market ended with the closing of the daily candle at $5218. Sellers managed to lower Bitcoin price by 8% in a day and test $5130, we wrote in the previous analysis. In general, yesterday’s fall was quite exciting and several times buyers tried to intercept the initiative and unexpectedly changed the price movement.
For example, consider the situation at the 15-minute timeframe when sellers managed to break through the local trend line of buyers. And buyers with the same force hit with volumes on sellers and tried to break the range $5440-5490:
For people who followed this situation on Bitcoin market, there was not enough popcorn just near the computer. However, near the end of the day, sellers managed to take the initiative on their own and in just 5 hours to test $5130.
Globally, trading is at much lower volumes than two days ago and Bitcoin market has stopped in the triangle. If buyers do not keep $5130, then Bitcoin price will continue to fall to the level $4880. However, if buyers are able to fix above $5430, the chance to continue rising to the level $6150 is quite high. At the moment, we do not see aggression in the eyes of buyers. Therefore, we will expect a signal in the form of a critical volume when breaking one of the trend lines.
No special changes are visible at the 4-hour chart:
For the second day, buyers are trying to increase their margins, but it looks rather uncertain:
Sellers are also trying to increase their marginal positions during consolidation of Bitcoin price:
According to the wave analysis on Bitcoin market, the correctional wave (b) continues to form, which at present has corrected the wave (a) by 38.2%:
That’s why, after the end of the current wave of fall, we expect a new impulse of growth, which should correct the fall from 12 March. Therefore, we expect a repeated test of $5130 and a possible decrease of Bitcoin price to $4880 with further growth continuation. Let’s see tomorrow whether buyers will be able to cope with the mark $5430 and continue their attack.
Image Courtesy: TradingView