Buyers’ attempt to fix above $6830 was unsuccessful.
Keeping $6750-6800, sellers can expect a fall to $6250.
Probably the final point of the fall is at $5350.
Passions in Bitcoin market continue to increase, the situation is exacerbated. In the previous analysis, we wrote about the critical mark $6830, which is the latest serious sellers’ protection and chance to continue Bitcoin price fall. Today, buyers have tried to break this mark and have been able to update the local high by stopping at $6957. However, they did not manage to stay at this price for long. Immediately, aggressive market orders from sellers appeared. Sellers managed to lower the price to the mark $6593 within an hour. This fact has shown to market participants that at least to continue growth without correction will be very costly.
In addition, at the 4-hour timeframe formed a false breakthrough on increased volumes, which indicates the beginning of the counterattack. If sellers keep $6750 locally, today we will expect a fall to $6250 with a possible extension to $5350.
If you look at the houtly timeframe, then buyers are still keeping the bottom line of consolidation. The price movement in Bitcoin market will continue within its limits:
However, the balance of forces in the market was shifted. Now, we will see whether buyers will behave as confidently, seeing the clear aggression of sellers. If buyers can easily pass $6750-6800 then the growth continuation to $7550 will be more probable.
Speaking of daily timeframe, yesterday’s candle closed with a hint of continued growth at $6772, which happened today:
In principle, the price fall in Bitcoin market to the level $6250 will not affect in any way the local growth trend of buyers, which they build from 13 March. Though, without keeping this mark, buyers will have to take the heat on liquidity zone $5250-5500, which has the largest volumes accumulations at the moment.
In the wave analysis, we continue to follow scenario of Bitcoin price local reversal:
As we can see in the chart, the wave (Y) is probably now completing its formation. This wave consists of 5 smaller waves and having formed a false breakdown, wave (v) has completed its formation. This scenario will receive additional confirmation if buyers are unable to raise Bitcoin price above $ 5800. Therefore, we continue to follow the consolidation at the local highs and expect the closing of today’s daily candle in the range $6250.
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