Category Archives: BitcoinNews.com Bitcoin Market Analysis

Auto Added by WPeMatico

BitcoinNews.com Bitcoin Market Analysis 19th February 2019

BitcoinNews.com Bitcoin Market Analysis 19th February 2019

Buyers finally managed to start their game.

Yesterday, on relatively large volumes, buyers broke through the upper trend line of sellers, which kept the price from 24 December. Now, buyers are trying to fix themselves over the price zone of $3,830-3,930. At the moment, finally, we can imagine and draw a new channel of price movement — the growth channel:

As you can see, the price is located near the middle line of the channel. Last time, on 19 January, buyers failed to break through this line and the fall continued:

Even so, volumes are beginning to appear now and if buyers will keep themselves above the price zone of $3,830-3,930, then the global target of this growth in the price of $4,740:

However, on the way to this target, buyers will have another problem – it is the price range of $4,120-4,175. First of all, in this price zone, there is good liquidity which we see in horizontal volumes. If we analyze the placement of volumes on the chart, then we will see that after this price zone, sellers will have the opportunity to fight for their targets from $6,200. The range from $4,175 to $6,200 is practically without liquidity:

Therefore, we believe that the main test of buyers’ durability is still ahead. However, increasing volumes and large green candles are already a success.

Margin buyers’ positions began to decrease sharply. Buyers either fix profits or get out of bad positions in which they were from 24 December, when BTC rose from S3,830 to 4,180:

However, pay attention that the price at the same time is in a small consolidation and does not respond to closing the positions of buyers.

Sellers also close their positions. Most sellers who came in the position from 20 December will feel good, while buyers did not break the price zone of $3,830-3,930.

According to the wave analysis, the price of S4,125 is also a critical point. If a whole growth, which began on 17 December, is to be considered as a correction after the fall, then at a price of S4,125, this correction may end completely:

Buyers have already gone past the first critical point in the price of $3,867.

If you look at the chart locally, then the current growth corrected the fall from 7 January by 61.8%. At the price of $4,175, sellers have the last chance to stop the buyer’s initiative.

As you can see, all the facts indicate us that $4,125-4,175 is an important critical point which defines the scenario on the medium-term price movement. We expect to break through this price zone upwards but first, we want to see the confirmation from buyers about fixing over the price zone $3,830-3,930. Finally, some movement began and people are waking up. Maybe this is due to the coming spring? In any case, the price has been consolidating for a long time and it is time for the trend movement.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

About the Author: Peter Oleshchuk is a trader and technical analyst.

He has spent two years studying and analyzing the crypto market.

Image Courtesy: Bitcoin News

The post BitcoinNews.com Bitcoin Market Analysis 19th February 2019 appeared first on BitcoinNews.com.

Bitcoin Market Analysis: 17th February 2019

For a whole week, the price behaved calmly as expected. In the previous analysis, we wrote that recently after a directed movement up or down, the market fades in place. This time nothing new happened. Due to the lack of volumes, buyers stopped the growth which began on 6 February and the price for the week traded in a narrow range of USD 3630-3740. Analyzing horizontal volumes, it is seen that the main liquid zone was formed in the range of USD 3660-3700. There were several attempts to break through this price zone, both up and down. All these attempts ended in flawed breakdowns and a local turnaround of prices:

The current consolidation moves in the falling channel and now the price is at the top of the channel’s trend line. There is also a global falling channel which operates from 4 December 2018:

In fact, buyers have tested the top trend line of the global falling channel. The price has stopped at a critical point and buyers are now deciding the relationship with sellers in a narrow low-volume consolidation. What are the options for price exit from consolidation? The first option is to break through the upper trend line on large volumes and test USD 3850. In our opinion, the current price stop in the liquid zone of USD 3660-3700 is the first test of buyers’ durability. Important decisions will be made in the price zone of USD 3850-3920 and there are several reasons for this:

  1. Pay attention to how candles look like in this price zone. When the price was falling on 24 November, sellers tried to sell this price zone on large volumes, buyers could fight off an attack and organize a rebound to USD 4480. In the end, this price zone was broken but it did happen either on large volumes which are not currently in the market or in the long tortures in the form of consolidations:

  1. This is confirmed by horizontal volumes, which show a good liquidity zone, after which practically there are no obstacles up to USD 6200 (the exception is a small liquidity at a price of USD 4200):

  1. According to the wave analysis, a new wave of growth that began on 8 February may end at a price of USD 3860 if buyers continue to trade in small volumes:

We reviewed the first option of the development of events after breaking the consolidation. Regarding the second option – everything is simple. If buyers can not break the current consolidation up then the price will continue to be traded in the triangle and the next target is USD 3480-3500:

If we are talking about the mood of buyers,  they have started to believe in growth. Their marginal positions are beginning to grow:

However, the danger is that the faith of buyers in growth is not supported by volumes. Now the positions of buyers are at a historic high and this situation was before the breakthrough USD 6,000 down.

Sellers are currently more passive in making decisions:

If we look at the weekly timeframe, then it is clear that after trying to update the low, sellers showed weakness and allowed buyers to take the initiative. Therefore, we are more focused on the growth continuation:

In any case, we can only wait and hope that the next week will be more dynamic.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

About the Author: Peter Oleshchuk is a trader and technical analyst.

He is studying and analyzing the crypto market for about 2 years.

Image Courtesy:

The post Bitcoin Market Analysis: 17th February 2019 appeared first on BitcoinNews.com.

BitcoinNews.com Bitcoin Market Analysis 12th February 2019

BitcoinNews.com Bitcoin Market Analysis 12th February 2019

The standard model of price movement continues to operate on the market. After each active movement, the market stops for several days and is traded in consolidation. That’s what happened this time.

After a one-day growth from 8 February, the price stopped and traded within a USD 50 range. Buyers stopped their movement in front of the price zone of USD 3,770-3,800. In this price zone, there is the upper trend line of the falling channel in which the price moves from 24 December:

Of course, predicting where the price will come from this consolidation is anyone’s guess thing, but we will express our opinion. At this time, it seems to us that in this consolidation, buyers are trying to redeem the whole offer of sellers so that sellers did not interfere with them while continuing the growth and did not stop moving upwards because of their sales. Consolidation takes place in lowered volumes. That is, sellers do not take the initiative into their own hands. Also, yet we have not seen attempts by buyers to break through the price zone of USD 3,770-3,800 at large volumes.

When this price zone is approached, sellers begin to be active:

Therefore, we expect the continuation of the consolidation to and at least an attempt from buyers to break through this price zone to see their potential. And at the moment, consolidation continues and we will further talk about the mood of the market participants.

The fear/greed index is growing and now its value is 46.

The last time such a high rate was observed was on 4 January, after which in a few days the price began to sharply fall. Therefore, if a good mood and a belief in growth are not maintained by volumes and aggressive green candles in the near future, we think that the hopes of all buyers will be destroyed again.

The marginal buyer positions are seeking to increase but the higher the price, the more uncertain the buyers are:

Sellers also behave unconvincingly and do not show their clear mood:

In our opinion, the whole problem is in volumes. Even if we analyze the growth from 8 February, then even though the volumes look exaggerated relative to neighboring volumes, in general, this is not the liquidity that is needed for the growth phase after the prolonged phase of the fall:

That is why we need confirmation of the intentions of the buyers — namely the breakdown of the upper trend line and the price zone of USD 3,770-3,800. This is the first local target that will show the seriousness of the intentions of buyers.

If sellers break through the current consolidation, then the critical point for buyers will be USD 3,500. If buyers do not keep this price, then their attack failed, and then we expect a continuation of the fall.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.

Image Courtesy: Bitcoin News

The post BitcoinNews.com Bitcoin Market Analysis 12th February 2019 appeared first on BitcoinNews.com.