BitcoinNews Bitcoin Market Analysis: $9600 is Broken. Will Buyers be Able to Keep $9000?
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Exactly at the first hour of a new day candle, buyers breaking the 2.5% consolidation could raise the price to a mark of USD 10,200. It could be a good signal for buyers to continue growth. However, at this price passes the upper limit of consolidation. In which buyers and sellers are playing ping pong from 24 July:
Therefore, the sharp movement within the consolidation is not an important signal of a change in the market situation, which is confirmed on the chart. Buyers made a sharp move and so they were not able to continue the fight at a critical point. Sellers took the initiative and broke the bottom line of consolidation, and now are trying to fix below.
In the previous analysis, we wrote about the danger of breaking the price mark of USD 9600 and the next stop at USD 9200. If sellers increase the rate of fall, then the critical point for buyers will be USD 9000. On a daily timeframe, we see that at this price passes the lower trend line of the black channel and the previous local high since 30 May:
Although, in recent hours, sellers are actively increasing positions. What is obvious, is that the critical point of USD 9600 is broken and at the moment, sellers are stronger:
According to the wave analysis, the last correction wave (C) is formed now, which at a price of USD 8500 can complete the fall cycle.
It is not too deep correction, which suggests that the minimum target of USD 9200 is inevitable. On the horizon appears the target USD 8500, where buyers will have a chance to change the situation drastically. But for the beginning, we will see how sellers will cope with the price mark USD 9000:
So far, the trading volumes this week are quite small, but we know well how the situation can change in one day. So, we look forward to tomorrow’s weekly Bitcoin analysis and weekly forecast.
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OhNoCrypto
via https://www.ohnocrypto.com
Peter, Khareem Sudlow
Bitcoin Market Analysis 27 July 2019
Today is quite an eventful and spicy day. If you look at the trajectory of Bitcoin price movement, today’s phrase will definitely be “Do not have the strength to fight – don’t fight.” If you remind yourself of the price movement on 26 July, then you can entertain the calm and passivity of the market participants. Since the price was moving in the range of 2.5%, but the real operating range did not exceed 1.5%:Exactly at the first hour of a new day candle, buyers breaking the 2.5% consolidation could raise the price to a mark of USD 10,200. It could be a good signal for buyers to continue growth. However, at this price passes the upper limit of consolidation. In which buyers and sellers are playing ping pong from 24 July:
Therefore, the sharp movement within the consolidation is not an important signal of a change in the market situation, which is confirmed on the chart. Buyers made a sharp move and so they were not able to continue the fight at a critical point. Sellers took the initiative and broke the bottom line of consolidation, and now are trying to fix below.
In the previous analysis, we wrote about the danger of breaking the price mark of USD 9600 and the next stop at USD 9200. If sellers increase the rate of fall, then the critical point for buyers will be USD 9000. On a daily timeframe, we see that at this price passes the lower trend line of the black channel and the previous local high since 30 May:
If Bitcoin sellers test this mark on small volumes, such as now, then the price may range from USD 9000-9400 to the end of July.
If we analyze the marginal positions of Bitcoin buyers, we can see that during a sharp increase in prices, buyers closed their positions and during a sharp fall began to increase them:Although, in recent hours, sellers are actively increasing positions. What is obvious, is that the critical point of USD 9600 is broken and at the moment, sellers are stronger:
According to the wave analysis, the last correction wave (C) is formed now, which at a price of USD 8500 can complete the fall cycle.
It is not too deep correction, which suggests that the minimum target of USD 9200 is inevitable. On the horizon appears the target USD 8500, where buyers will have a chance to change the situation drastically. But for the beginning, we will see how sellers will cope with the price mark USD 9000:
So far, the trading volumes this week are quite small, but we know well how the situation can change in one day. So, we look forward to tomorrow’s weekly Bitcoin analysis and weekly forecast.
BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
Follow BitcoinNews.com on Twitter: @BitcoinNewsCom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Charts Courtesy: TradingViewThe post BitcoinNews Bitcoin Market Analysis: $9600 is Broken. Will Buyers be Able to Keep $9000? appeared first on BitcoinNews.com.
OhNoCrypto
via https://www.ohnocrypto.com
Peter, Khareem Sudlow