The last day of this week began with increased activity from market participants near the price mark USD 10,420. Bitcoin buyers tried to end the consolidation and even made efforts in the form of increased volumes. However, immediately after crossing the price mark, the next candle was fixed below USD 10,420 and then sellers began their game. Regarding the increased volumes, it is unfortunately noticeable only on the hourly timeframe:
Considering the fact that the price cannot be fixed above USD 10,420 for the second time and reaches a local high USD 10,488. While the trading volumes are rather low, we assume that Bitcoin price is stuck in the consolidation corridor with the limits of USD 10,155 and USD 10,488 and the middle in the price mark USD 10,300. Therefore, we should forecast two consolidation scenarios for the price exit.
The daily chart shows, that Bitcoin buyers are better and more aggressive in conducting their attacks than sellers. So, in the main scenario we will have growth continuation and fixing above USD 10,420:
We have highlighted the nature of price movements during growth and fall with the help of ovals. If the growth was practically without correction in the form of impulse, then each fall occurred with deep kickback. So, if buyers manage to fix at USD 10,420, then the next target is USD 11,000, where buyers will try to break the blue falling channel, where the price moves from 26 June:
We also show the target in the chart if buyers win the battle for the trend line.
Nevertheless, another alternative scenario is also entitled to life, especially when consolidation and forecasting in the market become ineffective. With a breakdown of USD 10,150, sellers are opening the road to USD 9400, where will be the red trend line test which forms a global triangle on the Bitcoin chart:
If sellers take control of this price mark, they will continue the fall to USD 8330.
In terms of marginal positions, buyers look confident and in a good mood:
Sellers decided to take a break from the current consolidation in the market. Their marginal positions were frozen throughout the week:
In general, a whole week of trading did not clarify the situation, only made it even more complicated. This week trading volumes are at a record low. The last time such a small volume for a week was recorded, was in 2016:
One can only hope that new volumes will come to the market and lead to price revival. We wish you a good start to the week!
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