Sellers kept the range $9600-9800, where a good amount of liquidity gathered.
The critical point for buyers remains at $8860.
Keeping $9200, buyers will significantly accelerate the price growth to $10,500.
Yesterday’s trading on Bitcoin market followed the scenario of buyers and ended at $9791. During the day, buyers managed to raise Bitcoin price by 5.5%. The daily candle closed almost without a pin, re-testing the red channel upper trend line. The volume of trades with each subsequent candle increases, but the size of yesterday’s daily candle is slightly smaller than the candle on 13 May. It took more effort for buyers to show the same result. This fact confirms the indicator of market purchases, which yesterday was higher than market sales by only 1.7%. These facts tell us about the meeting of price and sellers, who became more active when buyers tried to fix above $9800.
If we consider the situation in Bitcoin market on an hourly timeframe, we see that in the range $9600-9800, market participants have formed a good liquidity zone, which is under sellers control now:
In yesterday’s scenario, we wrote that we expect a second test in the range $9200-9400, which can be a starting point to the target $10,500. As we can see, sellers managed to test this range and the black trend line, which buyers have been confidently defending since 12 May. At the moment, we see the current fall as a correction which can last up to 2 days.
Keeping the range $9200- $9400, buyers will be able to sharply continue Bitcoin price growth. However, the main critical point remains $8860:
As we see, the test of this mark will not change the trend at all, but will only check them for strength. So far, sellers do not show much aggression and will not give signals for a breakthrough of $9200-9400. A recent attempt to break this range ended in a sharp buyout of Bitcoin price to $9500. Although increasing the aggression, we do not rule out the possibility of sellers to test $8860 before the mark $10,500.
The dominance of BTC in the crypto market remains stable and at the moment does not fall below 67.55%:
However, the dominance of USDT has significantly increased. It confirms our opinion of the beginning of correction and the transition of investors to USDT.
Thus, we continue to monitor the local price fall in Bitcoin market and tomorrow we will assess the chances of sellers to test $8860.
Image Courtesy: TradingView