Buyers' activity in the market remains low

On Wednesday, June 2, Bitcoin rose 2.39% to $ 37,568. The price rose to $ 38,225 and retreated to the level of $ 37,291 by the close of the day. On Thursday trading in Asia, the rate jumped to $ 39,039. There is no news behind the growth.

The current rate is $ 38793. The BTC / USD pair is trading in a triangle formation range. For 102 hours (4 days 6 hours), the rate corrected by 76.4% to fall from $ 40,841 to $ 33,379. The growth time took 16% longer than the fall lasted (88 hours). It should be the other way around.

Buyers' activity in the market remains low. For a confident recovery, buyers need to break protective stops on short positions placed above 40k. If sellers defend the $ 39079-39751 zone, buyers will have to strengthen their positions in order to defend the $ 37200-37500 support zone. It is now a support for them to regroup, as they are close to exiting the triangular formation. It is alarming that the price is rising without volume. Against this background, an attempt to break through 40 thousand can fail.

If sellers do not defend the level of 40 thousand, then in this case one can look at the level of 46000 (50% of the fall from 64854 to 30,000).

Summary: in Asian trading, the price returned to the level of 39k. Buyers are trying to parse sell orders at the upper border of the triangle formation to test the psychological level of 40k.

If sellers do not defend the level of 40 thousand, then in this case, you can look at the level of $ 46,000 (50% of the fall from 64,854 to 30,000).

If sellers defend the $ 39079-39751 zone, buyers will have to retreat to $ 37200-37500. They will lose the level of $ 37200, the fall will accelerate to $ 34775 (the lower border of the triangle).

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