Sellers managed to keep the mark $6540 and test $6286.
Keeping $6286, the final target of the price growth is $6715.
The global targets $5500 and $5100 remain valid.
Yesterday buyers made unsuccessful attempts to continue the local growth trend without correction in Bitcoin market. Sellers managed to keep the local level $6540, which buyers tried to attack for 6 times. Thus, Bitcoin price fell to the mark $6286. Considering the consolidation, in the range $6400-6500 and the number of false breakdowns on the candles of buyers, we were hoping on to see a more aggressive fall.
However, we see that the volumes are more like a correction before continuing growth than a new wave of growth. That’s why, without aggression from sellers, Bitcoin price is likely to continue its growth with the next target $6750. As we mentioned in the previous analysis, $6600-6800 is a fairly large amount of liquidity, which at least slows down the price in Bitcoin market. Although, whether there are aggressive sellers enough to reach the targets of our main scenario – $5500 and $5100, we will see.
On the daily timeframes, we see that yesterday’s candle has closed quite ambiguously, with a small pin up:
To talk that for yesterday the balance of power in the market has changed is early. Volumes of sellers trying to lower the price below $6286 and their fall character confirm it. Consequently, if buyers keep $6286, we expect Bitcoin price to continue to grow to $6600-6830. But globally we will expect a price near our first target $5500.
Marginal positions of market participants in particular did not change their dynamics after the end of yesterday’s trading:
As we can see, during the test of $6286, buyers have sharply closed their marginal positions, but are now gradually recovering them. Sellers are still more confident and aggressively increase their marginal positions.
According to the wave analysis in Bitcoin market, there is a certain dilemma. Whether the previous wave(W) correction has ended:
Nevertheless, we see that buyers have corrected the fall wave (W) deep enough. And their maximum target, providing saving this scenario, can be $6715. Therefore, if buyers do not manage to keep $6286, then we will not see Bitcoin price range $6600-6830 for some time.
Image Courtesy: TradingView