Since the beginning of the new week, sellers and buyers have moved into a consolidation phase. After a sharp growth from 11 June, buyers easily passed USD 8300, then USD 8800 and began to attack the price zone of USD 9400- 9700, after that sellers still decided to try to build some kind of resistance, creating a consolidation in the range of USD 8800-9400. Starting from 16 June, the volumes are noticeably decreasing and resembling a triangle, which in such cases sharply shoots:
Consolidation is currently under the price zone of USD 9400-9700 and it slightly increases the likelihood of a reversal, because sellers do not let buyers inside the price zone.
Since 13 May, the price is in the angle wise consolidation, and specifically now at its upper limit. Therefore, considering that now we do not see the volumes, through which we could break through this consolidation and accelerate growth – it is a second fact for us in favor of sellers and price lowering.
However, after fixing over USD 9700, the situation will change categorically in the direction of buyers.
On the hourly timeframe, it is clearly seen that sellers become quite aggressive when buyers enter the price zone of USD 9400-9700, but this aggression disappears on the way to USD 8800 and buyers begin a new attack without any problems or torment:
At the moment, it is not clear whether sellers with their last ounce of strength keep the price zone or increase their positions before the fall. Even the chart of marginal positions of sellers does not give us any tips. On it we see the continuation of the consolidation:
The marginal positions of buyers from the beginning of the week slightly decreased, however, the overall buyers’ mood to continue to grow remains and they do not want to return Bitcoin they have bought:
From the beginning of the new week, buyers arranged support that we represent in the form of a blue trend line. Thus a triangle was formed and now the wave (d) started to form:
Therefore, it is likely that consolidation will continue until the end of the week and traditionally on the weekend we will see a strong movement. In the current situation, we are curious how the weekly candle will be closed. Let’s see if the situation will change on Friday.
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market. Charts Courtesy: TradingView
The post BitcoinNews.com Bitcoin Market Analysis 19th June 2019 appeared first on BitcoinNews.com.