A possible Bitcoin target is $ 9,800
Whenever I do a market analysis, I say that price formation is a process that takes time. Time that allows the production of those elements that it needs to define one direction. And this, of course, follows the decisions made by institutional traders and those who create the market.
Exactly 29 days ago, we were posting on Trading Capital that $ 8,500 could be an immediate target before $ 10,000 for BTC. Without the desire to be bearish, the professional first needs to accumulate positions before being able to release the price higher. You can read the text here in spanish.
To accumulate, the professional must also test the offer during this process, at levels that he will visit again in the future. Seldom the current price is a true reference of the immediate price, but it is a reference to a future price. You can read more about this in this article: *Bulls are preparing in Bitcoin. We noted that the price made a break in the bearish channel in which the price was expressed. Here english
This breakdown could suggest the search for a change of cycle and a reversal of the distribution structure. However, the price manifested according to Wyckoff's structure and continued its decreasing sequence almost to the critical price of $ 8,500.
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BTC however hit $ 8,800 as the lowest point in the June 27 session (price marked in red). Thereafter, forming a new cumulative range very close to the oversold zone of the higher-grade range and the lower-grade bearish channel. There is a clear sign that demand is liquid.
Even during yesterday's session, a lot of demand has entered, which tells us that in the area of $ 9000 there is still that same professional demand that consolidated the price on April 29.
Professionals continue to buy and liquidate positions. The particular trader cannot make a long-term decision yet as there is no definite direction in the price trend. We must always wait for the institutions to establish a direction in the market.
*Remember that the analyzes published in Trading Capital are not an incentive to invest.
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**Alejandro Aristeguieta CEO in Aristeguieta Capital. Investment Firm and Financial Analysis.
