The last three trading weeks in the REEF market are correcting the growth wave, which buyers successfully began in October. This correction takes place at low volumes, but sellers are able to effectively push the price down. In the previous analysis, we wrote that the REEF price is expected to fall to the bottom trend line of the growth channel and the test of $0.0225. Sellers managed to implement this scenario and lower the REEF price to the purchase zone. But is it worth buying REEF right now?
In the weekly timeframe, we see that sellers can very easily manage to lower the price because buyers did not resist. This fact should make REEF investors think about whether to expect a new growth wave in the near future. If during the week of 22 November, buyers do not show character, and we do not see a price rebound to at least $0.028, the next weekly candle will have every chance to break the trend line of buyers down. In this case, we expect the REEF price to fall to $0.018-$0.02.
However, analyzing the movement of the REEF price in the daily timeframe, we can see a clear slowdown in the price near the liquidity zone of $0.025-$0.026. Stopping the fall is a good signal of the weakness of sellers and a high probability of a reversal of the REEF market. However, to change the market situation, another force is needed. And at the moment, sellers with buyers are playing the game "who will hit weaker." Trading volumes are as low as possible and until the REEF price jumps to $0.028 — it is too early to talk about a market reversal.
The first target for the REEF cryptocurrency growth is around $0.032. From this mark, there is a high probability of the beginning of the formation of a new fall wave. But whether sellers will be able to update the low, you will need to look at the nature of the fall and the trading volumes.
Looking at the REEFBTC price movement on the weekly timeframe, it seems convincing that sellers have not yet completed their local fall wave. At the moment, we see that the price is moving within the consolidation. After an unsuccessful attempt by buyers to break the upper limit of the consolidation limit on 1 November, the REEFBTC market turned around. Therefore, if buyers are able to keep the range of 38 satoshis, we will expect a new growth wave and a breakdown of the upper limit of consolidation.