Bitcoin price analysis shows a fall yesterday, igniting hope for buyers; however, this was just a correction and test of strength for the sellers.
The chart indicates that the sellers were able to survive, and currently, the way for $8,500 is open. The candles for the 11th of November covered the previous day’s success entirely.
Much like the previous day’s growth happened with low volumes, the price fall of the 11th of November also happened with less volume.
Bitcoin price analysis: What to expect?
The short term chart indicated that the buyers’ main activity happened during one candle. After getting close to the critical point, Bitcoin (BTC) halted lobbying of their interests, and sellers were given the initiatives.
The temperament of Bitcoin for four days does nothing for the increase in price. It is evident in the marginal positions’ chart.
Throughout the period of price growth, marginal positions were closed off by their sellers. However, this did not cause much panic as it should have. Now, the sellers are interested in increasing their marginal positions using the Bitcoin price analysis.
Whilst observing the present fall wave locally, as per the wave analysis, buyers were not able to fix themselves over 0.382 Fibonacci level. Currently, sellers are likely to continue with the fall wave and with targets $8,500 and $8,180
Additionally, Bitcoin price analysis shows that in the past, the price of $8180 was able to pass the bottom line of the consolidation. Moreover, it continued for the whole month.
Therefore, there is a serious issue with the sellers’ way, and there should be a rebound from this mar at least. However, it would be better to wait and watch if the sellers are going to master the $8,500 price mark
Featured Image by Pixnio.