New week with a new note. This is the kind of motto chosen by market participants to defuse the situation of the previous week. In the previous analysis, we wrote that Bitcoin sellers and buyers have chosen passive positions and are not trying to insist. If the situation continues, victory will be on the side of sellers. However, buyers feeling the weakness, which we illustrated on the 4-hour timeframe, still for an extremely short time found themselves near the upper limit of consolidation: the price zone of $8,300-8,500.
Speaking of daily timeframe, yesterday’s candle closed quite unexpectedly for the benefit of buyers. Because, at the end of the day the picture on the chart changed drastically:
In terms of volume, we see that on the 4-hour timeframe the main activity lasted for one 4-hour candle, where the increased volume is clearly expressed. Although, no activity concerning the volumes is observed on the daily timeframe.
If we talk about the fight near the price zone of $8,300-8,500, then for now sellers disrupt all attacks and do not allow buyers to fix themselves even within this price zone:
As you can see on the timeframe, only one candle was able to penetrate the territory of the price zone. At the same time it ended with a large pin and turning the green candle into red. The remaining attempts were limited to the price mark at $8,300.
Also note the fact that when testing the price zone of $8,300-8,500, the volumes again became minimal. Have Bitcoin buyers stopped again and after some consolidation the price will go down once more?
Marginal positions of buyers have increased sharply yesterday. However, the global picture has not changed yet, as they continue to be below the blue trend line of the purple zone:
All attempts to increase marginal positions have been unsuccessful for 3 days. Pay attention, how the daily timeframe framed candles with pins up, which indicates the uncertain mood of buyers at the moment:
Locally, assuming that the current consolidation may be at an angle, the maximum target for buyers this time around may be a price mark at $8,880. According to the wave analysis there the current wave of growth will be equal to the previous one:
Nevertheless, we can speak of such optimism when at least Bitcoin buyers manage to fix inside the price zone of $8,300-8,500. Tomorrow, we will see whether there will be attempts from the side of buyers to continue their business, or whether that is all they are capable of. Welcome to the new week!
Image Courtesy: TradingView
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