Fighting is a wonderful phenomenon which often unlocks potential and leads to new heights… or falls. We are glad to see Bitcoin buyers attempt to fight in the market and today we will analyze the current situation. After the price exit from the local blue growth channel we wrote about in our previous analysis, buyers have found the strength to stop the fall. The result is a pin, which is well visible on both the 4-hour timeframe and the daily timeframe:
Buyers could easily break consolidation in the range of $9,800-10,300. Returning to the blue channel, they claim to test $10,800-10,950. This is the yellow price zone from which sellers started an aggressive attack on 6 September.
As the initiative now belongs to buyers, their primary target is to keep the price mark of $10,300. It will be another additional signal of growth continuation.
To be honest, we are not happy about the growth volumes at all. If on the hourly or 4-hour timeframe we see outbreaks of volumes near liquid price zones, then on a daily timeframe the situation is rather sad:
With such volumes, the price is easily influenced. If we forecast trading in such situations, it is better to take risks into account. However, the lull which continues to form in the market often ends with a strong movement which breaks consolidation in the global triangle on a weekly timeframe:
The price growth reflected negatively on the marginal positions of Bitcoin buyers. As you can see in the chart, buyers began to close their marginal positions. Apparently, they fix profits and do not particularly believe in the continuation of growth:
The growth of marginal positions of sellers is halted, but continues to grow. Bitcoin sellers are waiting for their star time and do not panic because of the price increase:
Nevertheless, if the price reaches the range of $10,800-10,950, the passion on the marginal positions charts will be brighter.
According to wave analysis, buyers still gave themselves a chance to continue forming wave (d) in the triangle in which the price moves from July 2019:
As you can see, sellers were able to correct the growth from 30 August by 61.8%. Now, it is important to fix above the next level of Fibonacci – 31.8%, which is on the price mark of $10,300.
Therefore, we look forward to the final fix of buyers and growth continuation. In the worst case, Bitcoin price will again return to the consolidation range $9,800-10,300. Ahead is the time of miracles: the weekend. See you tomorrow and analyze if there are dramatic unexpected changes in the market!
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