Sellers failed to fix below the mark $5000.
Buyers fixed over the range $5200-5457 and their next targets are $5700 and $6150.
If the daily candle closes below $5457, the alternative scenario is the test of $4880.
Yesterday’s trading day on Bitcoin market was mostly in the consolidation of the important price range $5200-5457. Sellers once managed to push Bitcoin price beyond this consolidation. But as we see on the 4-hour timeframe, these were false breakdowns. Yesterday’s consolidation was a kind of passive growth which hinted that buyers’ force decreasing and the likely local price reversal with a minimum target $5000 is close.
However, after several attempts of sellers to reverse the passive trend of buyers, we see that buyers have enough volumes to absorb the entire offer and every time locally turn the price:
Notice, how actively and confidently buyers starteded a new attack using large volumes and in just one hour, they went from $5000 to $5488.
Considering the fact that today buyers managed to update the local high, the previous two days of consolidation in the range $5200-5457 were a time of gaining positions to continue growth in Bitcoin market. The first target $5700 remains valid. If buyers succeed in fixing above this target, Bitcoin price growth will continue to the mark $6150.
On the daily timeframe, we see for the third day as buyers try to go beyond $5457:
If buyers manage to close today’s candle above $5550 they continue to grow.
Nevertheless, an alternative scenario will come into effect if the candle is closed below $5457. In this case, buyers will soon enough see the mark $5000 with the prospect of continuing to the price $4880.
Buyers margins continue to increase, buyers continue to believe in the growth continuation:
Sellers reduce their marginal positions, but without sharp movements:
According to the wave analysis, consolidation between the two levels of Fibonacci 0.236 and 0.382 took place in Bitcoin market for two days:
In addition, attempts of sellers to correct Bitcoin price growth from 16 March were rather weak, reaching 38.2%. With such a weak correction, the probability of $6150 test is quite high. Therefore, we are folliwing the market recovery. Tomorrow, we will see if buyers manage to cope with the mark $5700.
Image Courtesy: TradingView