Starting on 18 April, the BTC market began to unpleasantly surprise its investors. In just a day, sellers managed to lower Bitcoin price by 15%. This fall lasted only 1 hour. However, the consequences of the breakdown of the global BTC wedge down for other coins turned out to be quite painful. In our last article, we wrote that we are expecting the last growth wave in the BTCUSDT market before the start of a global correction.
Sellers managed to break the lower trendline of the wedge
Though, buyers did not have enough strength to continue the growth and test the upper trendline of the black wedge. As a result, having broken the critical level of $59,000, sellers affected a large number of buyers’ stop orders, which accumulated under this trend line from 28 February:
As chart shows trading volumes were high during the fall. The main question for the BTC market is whether the last growth wave has ended or not?
BTC buyers desperately keep the local range of $52,650-53,350
To do this, look where the BTC price stopped. At the 15-min timeframe we see a range where buyers began to seriously slow down the price fall.
As you can see, in the range of $52650-53350, the BTC price bounced three times. Thus, in order for the BTCUSDT market to continue falling to $ 46,000-47,000, sellers need to take control of this range. In the meantime, buyers confidently repel all attacks from the liquidity zone. The likelihood of a local growth wave continuation to $61,000-62,000 is quite high. On the daily timeframe, we have shown white curved lines between which the BTC price moves. The trajectory of these lines shows that the BTC trend is slowing down and smoothly turning into a correction. To reverse this situation in the market, buyers need to fix in the range of $61,000-62,000 during the current attack. In this case, the positive scenario that we published over the weekend will be confirmed:
A weak test of the range $61,000-62,000 would mean a continuation of the Bitcoin price correction and a test of $46,000-47,000. Therefore, for large promising positions in the Bitcoin market, it is worth waiting for critical points. And for connoisseurs of short-term trading, there is a good chance to take a local growth wave.
