Bitcoin Technical Market Analysis 2nd August 2019
After a slight correction yesterday, which ended at $9,875, Bitcoin buyers continued their business and reached the next local stop at $10,300-10,400. This price zone is the serious buyer problem on the way to $11,100. What is the upper consolidation price limit in which the price has been trading since 17 July? If you analyze hourly timeframes, you can see that before the growth, there were two events:
- A false breakdown of a local consolidation down.
- Maximum volume decreasing beyond this consolidation:
As soon as sellers tested $9,875 and felt the minimum resistance, they retreated.
If we continue to analyze the volumes, we see that the culmination of volume indicators is visible when approaching the price range of $10,300-10,400. It is confirmation of our words about the importance of this range.
We cannot miss the daily timeframe, where the situation looks cheerful after breaking the dotted trend line:
In 3 days, Bitcoin buyers raised the price by 11%. Before the $11,100 test, there is a possibility of consolidation in the current price range. Also, if you look at the black channel of price movement, in which the price is traded from 26 June, it is noticeable that the real prospect of price increase within the channel is possible up to $12,000.
However, buyer mood has improved slightly. We can see this on the fear and greed index.
There was a change of mood for market participants, despite the fact that there were no special volumes on the market. It proves only the fact that the market is dominated by excessive emotionality, which significantly increases volatility and sharp unpredictable price movements.
For example, the marginal positions of Bitcoin buyers do not look as promising as the fear and greed index chart:
And sellers especially do not understand the situation, so do not want to increase their positions at current prices:
According to the wave analysis, buyers have corrected the previous fall by 61.8% and are trying to fix above this mark to continue their growth:
Let’s see how the day closes and whether buyers without consolidation can continue their growth to the next target of $11,100? This is all about tomorrow’s Bitcoin analysis. Stay tuned and have a keen sense of the pulse of the price!
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Peter, Khareem Sudlow