The fourth day Bitcoin buyers and sellers are fighting near a critical point, namely the upper trend line of the black channel. Consolidation looks like the triangle in which trading space will soon end.
In the previous analysis, we wrote that we would expect a sharp price movement on 9 August, but market participants do not rush. On the daily chart, after the triumphant growth of buyers from 30 July, current consolidation looks like a temporary stop.
However, to break the local trend, more volumes are needed and perhaps buyers are now accumulating them in consolidation. Although this is only a reflection, it is necessary to believe the facts. Only after the breakdown and fixation above USD 12,000 will we continue to consider the growth scenario. In the meantime, all sellers see a great opportunity to sell because they feel the protection of the trend line.
Despite the continuation of consolidation, Bitcoin buyers are not afraid to take risks. They continue to increase their positions exactly in consolidation:
When a triangle breaks down, it can only add an extra force to the fall.
Sellers are also increasing their positions. But if you look at the previous sharp decreases in their positions, the current increase does not look so ambitious:
According to the wave analysis, the situation has not changed at all and the targets of the previous analysis are relevant. So we decided to look at the chart pessimistically. Until buyers prove their power by breaking the trend line, we will expect a fall to the first target of USD 10,500:
The endpoint of the fall may be at the price of USD 7,500, which is on the lower trend line of the black channel.
If you look at the picture in general, it is clearly visible that while Bitcoin price moves in consolidation, other coins fall sharply. If the trend does not change, we wonder what awaits the other coins in the event Bitcoin starts to move towards USD 10,500?
For now, we have to wait for the end of consolidation. And try to notice the smallest signals that the market is reluctant to show us, but today it is not enough. Meet you tomorrow and summarize the week trading!
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