Bitcoin under pressure, the voltage at the stock market is growing
Monday, September 10, trades on bitcoin (BTCUSD) was relatively quiet. The price of the whole day was around $6300. At the end of the day formed a triangular formation with a range of $6219 – $6410. Now the range has narrowed to $6260 – $6380.
At the time of writing the review on the Bitfinex team for 1 BTC at $6275. The price is huddled in a corner formation. Sellers are trying to seize the initiative and push the price down. In the last hour (11:00 UTC) Delta is negative – minus 382 btc. Sellers on the market sold 691 btc. Purchases passed for 308 btc. Buyers were protected limit orders.
Pricing model on the hourly and four-hour periods on the side of the sellers. Patterns found on historical data, having a correlation of more than 0,7 indicate the strengthening of bitcoin to the dollar. A contradictory picture. If the sellers will not be able in the next 2-3 hours to push the price down from a triangle formation, then we can expect a rebound to the upper boundary, and in the Asian session, break above $6400. If buyers break through $6400, the upward correction from$ 6119 will go on for 2-3 days.
If the victory will be for vendors, we are preparing for the weakening of bitcoin to the area 6000-6070. The rate drop below 6 thousand BTC I have at the moment does not work. The time is before 23 September.