Today buyers set a new local high $6929.
Buyers are closing their margins throughout the growth, fixing profits.
After closing the daily candle below $6200, sellers will start an aggressive attack with the first target $5200.
The intention of volatility in Bitcoin market over the past two days is just going crazy. Buyers were able to significantly exceed the targets we set in the previous analyzes and raise Bitcoin price above $6150, testing the price $6929.
As we can see in the 4-hour chart, strong growth began after buyers managed to cope with the key price range $5200-5500. Horizontal volumes clearly show that in this range the largest volume is concentrated in the period from 13 to 20 March. Basically, the main time for seven days was spent in this price zone. For the rest of the time, Bitcoin price went beyond this zone and sharply returned. The exception is the current growth.
Buyers gathered a good amount of liquidity and started a confident attack. Now, we are waiting for a response from sellers who are not particularly hampered the current growth.
If you look at the daily timeframe, yesterday’s candle just closed nearly the mark $6150:
As the daily candle on Bitcoin market closed with a large body and a small pin, the probability of continued growth was high, which is basically the case. Considering how sellers behaved near the mark $6150, it is clear that no attempt was made to lower the price on Bitcoin market:
For example, now sellers are lowering the price on volumes, which is reminiscent of a correction and their presence.
Buyers continue to decrease their margins, fixing profits from growth:
Sellers also close their marginal positions, although, because of the loss fixation:
According to the wave analysis on Bitcoin market, we see that theoretically completing its formation wave (Y), which at 1.618 consists of three smaller waves (ABC):
As you can see, wave (C) was quite powerful and greater at 1.618 times than wave (A). However, as part of the correction, it is the maximum permissible value. If buyers are able to upgrade the local low, it will mean that a new impulse of Bitcoin price growth has started with a target $7900. Let’s see tomorrow how today’s candle will close and tomorrow we will conclude.
Image Courtesy: TradingView