Sellers managed to lower the price below the critical range $10,300-10,500.
Fixing below $9900, sellers will open the way to $9050.
The probability of the beginning of growth correction has significantly increased.
Yesterday’s trading day on Bitcoin market ended with the price exit from the range $10,300-10,500. After a passive response during 3 previous days, sellers still decided to protect border and within two 4-hour candles lowered Bitcoin price by almost 3%. However, sellers could not break the growth trend so far. Difficulties appeared after the test of $10,000. After the test of this mark, sellers are unable to fix below $10,200 for a second day.
However, a much more important fact is that buyers cannot return the price back to the range $10,300-10,500. At the moment, the situation looks like sellers are fixing below the price zone in order to continue growth. During this phase, buyers are still aggressively trying to continue the falling trend. It is clearly visible on the 4-hour timeframe immediately after the test of $10,000.
On a daily timeframe, we see that the situation on Bitcoin market is gaining momentum:
Bitcoin price is drifting between the lower trend line and the critical range $10,300-10,500. Buyers are unable to aggressively update local highs and growth is slowing. This fact adds probability of a local price reversal with the target $9050.
Marginal buyers’ positions also slowed their growth:
At the moment, they are near the previous turning point at historical highs. With a successful sellers attack, buyers will actively begin to reduce their marginal positions, which will drastically accelerate the price fall.
Sellers are also on the lookout, but the probability of a further increase of their margins is quite high:
According to the wave analysis, buyers failed to fix above the level of Fibonacci 0.618. It gives sellers a chance to start their local trend:
On the other hand, if we consider the fall wave from June 2019 as a coercion, then now begins a new growth impulse. This impulse at the mark $10,500 has a length 38.2% of the previous growth impulse:
To pass this level, buyers need to aggressively deal with volumes and fix above this mark by the end of this week. Otherwise, the fall from 24 June 2019 can be considered incomplete and the market will again expect a down trend. Weekend ahead, we will see if buyers can confirm their dominance in Bitcoin market.
Image Courtesy: TradingView
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