The mark $6600 was the base for a new local buyers’ attack.
Buyers failed to fix above the mark $6830.
Keeping $6760 and fixing below $6600 sellers open the prospect of falling to $5950.
Yesterday on Bitcoin market was another ambiguous candle. Sellers failed to pass buyers’ protection yesterday and fix below Bitcoin price $6600. Trading volumes remain low and market participants continue to solve their financial problems in consolidation $6600-6830. Keeping $6600 with several false breakdowns, buyers increased the probability of breaking the current consolidation upwards with a target $7550. We mentioned this optimistic scenario for buyers in our previous analyses.
However, the new attack of $6830 was on low volumes which did not match the sharp aggressive candles with which buyers were raising the price on Bitcoin market:
As we see on the hourly timeframe, with such volumes, buyers only managed to reach the critical point $6830, easily breaking it. Sellers easily lowered Bitcoin price back to the local price range $6600- $ 66635. There buyers several hours accumulated volumes for a small attack. Again, the situation with this consolidation will most likely be resolved over the weekend.
Buyers currently have little initiative in keeping the price on Bitcoin market in the local channel. It was created after a failed attempt to update the local high on 25 March:
To break the current trend, sellers should not allowed Bitcoin price to raise above $6760 and fix below $6600.
Otherwise, buyers lazily, but surely will fix above $6830 and continue to grow.
Speaking of daily timeframe, we see that yesterday’s candle did not add clarity to the overall picture:
The candle on low volumes closed below $6760. Basically, all daily candles are closed below this mark. Though, the real aggression of sellers begins after crossing $6830. That’s why especially this price mark is an indicator for us.
According to the wave analysis in Bitcoin market, buyers were able to correct the fall wave from 25 March by 78.2%. If we consider the scenario of the fall, then after breaking $6600 the next global price stop is at $5987:
Nevertheless, if the growth wave from 13 March is not complete yet, after fixing above Bitcoin price $6830, we expect another local wave of growth with the mark $7550. Congratulations with the end of the working week, although a big surprise may be expected for the weekend.
Image Courtesy: TradingView