Bitcoin Technical Market Analysis 3rd August 2019
Bitcoin buyers weren’t too fussy with the price range of USD 10,300-10,400. They did not even make a long stop before growth continuation, successfully breaking it yesterday. Therefore, the answer to the question of previous analysis is clearly visible in today’s chart. Despite the lack of increasing volumes, what we are talking about in each analysis, starting from 30 July, sellers were unable to return the price below the price range of USD 10,300-10,400. Although, there was an attempt to do just that:
It is clearly visible on the hourly timeframe as sellers on increased volumes tried to lower the price below the blue price range, but managed to touch it twice. When sellers saw the demand of buyers to buy, they did not try to fight and retreated. It is evident in the small volumes which make it easy for buyers to continue their growth to the target of USD 11,100.
On the daily timeframe, after Bitcoin sellers broke the price mark of USD 10,400 on 14 July, the price has returned to the blue dotted channel limits. And now, Bitcoin buyers are trying to test the upper limit of this channel again:
The upper limit coincides with the price mark USD 11,100, which remains the main target in both previous and present forecasts. To date, we do not see a high probability of breaking this price mark. For the most part, while approaching serious critical points, volumes slowly begin to increase, gathering speed. In this case, everything happens on consolidation volumes. The only chance to break through USD 11,100 is the likely weakness of sellers, which we can see in the form of a narrow consolidation near the price mark USD 11,100.
Judging by the marginal positions, Bitcoin buyers clearly improved their mood:
We can see on the chart that their positions have also come close to the limit of consolidation. It confirms the fact of a critical point in the price of USD 11,100.
Sellers continue to determine what they want out of this life and confirm it by the uncertain fluctuations in their marginal positions. Which are in consolidation since 18 July:
In the wave analysis, everything remains unchanged. Buyers continue to form a wave of growth. Which during breaking through the upper limit of consolidation, has a prospect of growth with targets of USD 11,600, USD 12,000 and USD 12,400.
Let’s see if buyers can close the weekly candle near the upper limit of consolidation giving hope to continued growth into next week, or will the situation change dramatically over the weekend? We will summarize the week in tomorrow’s analysis. We wish you peace and harmony this weekend and get ready for the next trading week!
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