Sellers fixed below the mark $10,000.
Before continuing to fall to $9050-9350, buyers can try to test $10,300.
Global fall target is $7470.
Yesterday’s Bitcoin trading day probably started creation of a new local trend. Yesterday, sellers managed to fix Bitcoin price below the mark $10,000. Looking at the daily timeframe, sellers broke the local wave of growth from 25 January.
The price is now on the verge of breaking the global growth trend, which has been going on since December 2019. Thus, the probability of price fixing over the critical range $10,300-10,500 is minimized. In turn, the next target of sellers is in the range $9050-9350.
Yesterday’s trading volume on Bitcoin market showed no serious aggression on the part of sellers. However, buyers also do not want to sharply correct the situation yet, even given today’s trades.
At the 4-hour timeframe a reversal figure has formed which allows another probable test of $10,300:
However, at the moment it is a rather optimistic scenario. If we see a sluggish growth during next week with minimal volumes and deep corrections which approaching the mark $10,300 – for us it will mean the last convulsion of buyers before falling to $9050.
The margins of buyers for the second day are decreasing:
Reaching the historical high during the week, buyers are fixing profits without panic. However, if scenario of Bitcoin price fall continuation to $9050-9350 begins to take effect, the aggressiveness of closing marginal positions will increase significantly.
Sellers have not yet responded to the situation on Bitcoin market over the last two days:
According to the wave analysis, buyers could not fix above the critical Fibonacci level. And they corrected the fall wave from June 2019 by 61.8%:
Looking at the situation more globally, a failed attempt to fix above $10,500 could mean a continuation of the global trend of sellers:
In such a way, a new fall wave begins to form, with the first critical point $7470. The final target of this fall will depend on the aggressiveness of sellers’ pressure and the resistance of buyers. Therefore, in the following analyzes, we will update Bitcoin price movements in this scenario.
Accordingly, next week we will see whether the 3-month trend of buyers has really come to an end and the market will return to depression.
Image Courtesy: TradingView
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