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Bitcoin Above $13,000 Amid Heightened Volumes

Bitcoin Above ,000 Amid Heightened Volumes

Bitcoin bulls in the Far East will take credit today for finally pushing Bitcoin above the key resistance levels of USD 13,000, when an increasing volume of trading nudged the pulsating market into a territory it has only briefly held during this entire year.

Since 10:00 am Beijing time (2:00 am UTC), Bitcoin has been trading at feverish levels — reaching over BTC 10,000 (USD 13 million) in an hour at just around 4:am UTC, according to data from Bitcoinity. Coinbase, Bitfinex, Kraken and Bithumb were the usual suspects, each registering over USD 1 million in hourly Bitcoin trading volumes to push Bitcoin to a daily high of USD 13,144, up over 8% from a day ago. Right now, it is settling at around USD 13,013 at 1:00 pm UTC (CoinDesk).

Following Monday’s difficulty in establishing an upside, Bitcoin now seems to be following a very slight breakout sign, with increased momentum and accompanied by firm volumes. However, unlike the last time this year it broke USD 13,000 it did not reach as high, nor did it immediately bounce back. This does mean that while USD 13,000 is a barrier, Bitcoin looks to hold above for now, even as North American markets take over.

There was still quite a bit of difficulty observed from the past two days around the mid USD 12,500 zone, and, as BitcoinNews.com’s technical analyst Peter Oleschuk pointed out, “we regard the current growth as a correctional wave before continuing to fall to USD 11,500”.

It is, nevertheless, incredibly good news for the bulls and a strong indication of further positivism for the week ahead to see Bitcoin record steady gains for consecutive days, right on the back of a bad start for July. While some may believe that the next attack should be for the current 2019 high of USD 13,800, even the hopeful speculators will understand the need to wait and consolidate above these current levels for at least a week, before a clear pattern for movement and price action can be established.

German crypto and Bitcoin analyst posted an article that attempted to explain the 30% increase in over a week for Bitcoin, which summarized that the foundation of the crypto rally is strengthened by Bitcoin’s continuous recoveries, backed by fundamental catalysts of investment vehicles and futures markets.

$13,000: Bitcoin Price Gains 30% in 8-Day Jump; Whats Behind the Recovery? https://t.co/JJCkBAhJcQ

— Hans-Jürgen Johst (@HJuergen39) July 10, 2019

Unlike the weekly Relative Strength Index (RSI) that earlier signaled slightly overbought regions, RSI and even Moving Average Convergence Divergence (MACD) are cluing in now on the bulls, and the break above USD 12,900 does seem to pave the way for even farther gains today. Some analysts certainly think so:

Bitcoin price prediction: BTC/USD on the verge of a new breakout  – Bitcoin confluence https://t.co/1Q8IM0DdUr#bitcoin #crypto #blockchain #btc #news #cryptocurrency pic.twitter.com/C4hdTdUgAf #eth #ltc #xrp

— Bitcoin update (@btc_update) July 10, 2019

All these price actions have taken place against less-than-positive news elsewhere in the Bitcoin industry. Several times now touted as the savior of the economy in the Republic of Iran where citizens are using Bitcoin to circumvent US sanctions against the country, news is now emerging that state officials have seized around 1,000 mining rigs from 2 mining farms in abandoned factories, with a central bank representative apparently saying Bitcoin sale and purchase is now banned due to legal uncertainties and excessive volatility.

Local news agency Tasnim quoted Central Bank of Iran’s deputy governor for new technologies, Nasser Hakimi, as warning people to stay away from “pyramid style network companies that promote Bitcoin like a tree with gold coins in the Adventures of Pinocchio”.

Strange comparisons to be made, nevertheless, it could spell short-term bad news for Iranians, although the rest of the world does not seem to be too perturbed, judging from the volumes of trade of late.

As Bitcoin now marks its fifth straight day of gains, it is altcoins who are wilting under the digital asset’s heat, with an absolute sea of red summarizing the performance of the Top 20 altcoins by market capitalization. Only Tezos in the Top 30 is registering any profit (7%) but that still pales in comparison with Bitcoin’s past week.

Of the three major alts below Bitcoin, Ethereum (ETH) has been struggling to keep pace but has so far held on above USD 300, Ripple (XRP) simply cannot find a way to break USD 0.40, while Litecoin (LTC) has now slipped below USD 120 after pricing ins of its halving event lost their effect.

Together, they concede further ground to Bitcoin in terms of market dominance, with BTC now achieving 65.2% of the market share (CoinMarketCap).

as the $BTC Dominance will continue growing. Moreover, any Technical Analysis don’t work on Altcoins at the moment. If you are an Altcoin trader, I advise you to take only Short-Term trades which are based on Fundamental Aspects and place tight Stop Losses.

— blockchain whispers (@BLOCKCHAIN_BW) July 10, 2019

With the market going as it is, some are even giving up on technical analysis, saying:

“any Technical Analysis don’t work on Altcoins at the moment. If you are an Altcoin trader, I advise you to take only Short-Term trades which are based on Fundamental Aspects and place tight Stop Losses.”

Of course, every coin has its hodler, and some obstinately believe that Bitcoin’s major issue remains scalability, and that is their reason for believing in alts, which generally have faster transaction times than Bitcoin, albeit at far lower security metrics like hash power.

 

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BitcoinNews.com Litecoin Market Analysis 8th July 2019

BitcoinNews.com Litecoin Market Analysis 8th July 2019

Litecoin trading week was extremely boring and monotonous. The price was moving in the 5% range, and the last two days, the volumes of this coin had a record low. We remind you that sellers managed to stop the aggressive attack of buyers, which began to come to the boil from 9 May. However, sellers breaking the local blue trend line were not able to break through the critical price zone of $112-115. An unsuccessful attempt was made on 27 June, after which the volumes are constantly decreasing and the price is traded without touching the price zone.

The market is frozen in anticipation and there is not even a hint at the 4-hour timeframe for the forthcoming price movement:

BitcoinNews.com Litecoin Market Analysis 8th July 2019

A weekly candle is closed on small volumes by touching a critical point, which gives hope to buyers of a possible continuation of growth from the new week. Last time, such a small volume of trades for a week was fixed in November 2018:

BitcoinNews.com Litecoin Market Analysis 8th July 2019

The chart of marginal buyer positions is not particularly different from the LTC/USD chart:

BitcoinNews.com Litecoin Market Analysis 8th July 2019

Sellers also froze in anticipation and did not want to take the initiative in their hands:

BitcoinNews.com Litecoin Market Analysis 8th July 2019

In our opinion, the more unsuccessful attempts to break through the price zone of $112-115 will be from sellers, the more buyers will notice weakness and change their mood. This week, during 1 and 2 July, sellers touched this zone, but by creating large pins, after that no more serious attempts were done. Given this fact so far the force remains on the side of buyers.

If we draw a trend line on local lows from 14 February, we see that breaking the local blue trend line, sellers have not yet cope with the global one, so the wave of growth has not yet ended and we consider the current fall as a correction:

BitcoinNews.com Litecoin Market Analysis 8th July 2019

Analyzing the fall from 23 June, we decided to work out another scenario based on the wave analysis. Since the correction is not sharp and we do not see the clear dominance of sellers, there is a big chance that we are now not in the wave (5), but continue to move within the wave (3):

BitcoinNews.com Litecoin Market Analysis 8th July 2019

In this case, if buyers keep $112-115, their first stop at a price of 140, the next is $160 and the final target is $190.

Otherwise, after breaking the critical price zone, we expect stops at the prices of $99 and $85. We hope that next week the price movement will be more active and we will be able to choose a more likely scenario for trading.

 

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

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 Litecoin Market Analysis 8th July 2019 appeared first on BitcoinNews.com.

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

It’s time to summarize the trading week on Bitcoin and understand whether the situation on the market has changed and whether it is possible to identify a more likely scenario of the price movement. This week the price was moving in the range of 24%. At the beginning of the week, sellers had ambitious plans, but as on 1 July and 2 July, they only succeeded in false breakdowns with a local low of USD 9728. After unsuccessful attempts by sellers to fix below USD 10400, buyers immediately the next day entered the yellow price zone and broke USD 11200. From that time until the end of the week there is a fight in the form of consolidation for the right to control the yellow price zone. This consolidation in the form of a triangle is perfectly visible on a 4-hour timeframe:

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

Also, note how proportionately the volumes of trades decrease, indicating that a powerful impulse is approaching, which breaks the triangle and indicates the direction of the price movement for the short term.

Since now buyers are building up their attack, we will consider the local critical point. If you draw a channel of price movement from 26 June, it becomes noticeable that in the range of USD 11700-11900 passes the upper trend line of this channel, which intersects with the upper blue line of the triangle:

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

On 3 July, market participants organized consolidation in the price zone of USD 11700-11900, so breaking through this local price zone, the next local stop of buyers is at a price of USD 12250 and a final price of USD 13150 (top of the yellow zone).

However, marginal positions of buyers are decreased while the price is in consolidation:

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

Sellers are trying to increase their positions, but in the last few days no changes are practically visible on the chart:

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

The index of fear and greed is quite high and it means that buyers still believe in the continuation of growth:

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

Two scenarios are currently available according to the wave analysis. Talking about the first scenario, the fall, which began on 26 June and ended on 2 July, formed a correctional model of 3 waves and now begins a new wave of growth. Taking into consideration that the wave (C) equals (A) * 0.786:

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

However, so far, we are closer to the second scenario.

The wave of the fall from 26 June to 2 July  (wave A) is now corrected by the wave (B) and we are waiting for another wave of fall (C):

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

This time forecast will take more than one week, so first, we focus on to which price buyers will have power, and during the next analysis we will adjust the targets.

In general, on a weekly timeframe, we see a price stop and whether sellers will be able to take this chance we will see on Tuesday! Have a good mood and profitable trades:

BitcoinNews.com Bitcoin Market Analysis 7th July 2019

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

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

The post BitcoinNews.com Bitcoin Market Analysis 7th July 2019 appeared first on BitcoinNews.com.

BitcoinNews.com BNB Market Analysis 3rd July 2019

BitcoinNews.com BNB Market Analysis 3rd July 2019

For a whole month, buyers have been actively fighting for the trend line, which we have been keeping since April 2018. In the past, this trend line was kept for three months and after that, the coin continued to fall to $4, so for us, the fact that buyers kept above this trend line would mean an additional signal of the strength of buyers.

However, this time, we see that buyers and sellers easily cross the trend line on both sides, indicating a clearly lower value of the trend line now. The fall began after the test of the price zone $38-42. In addition, the last local high was not as dangerous as the previous one due to this price zone. The price continues to move in its channel, and now sellers have been able to test the bottom trend line of this channel.

At 4-hour timeframe, it is evident that at increased volumes, sellers failed to break through  the global channel of price movement while they still have not enough power for a confident attack:

BitcoinNews.com BNB Market Analysis 3rd July 2019

This fact is clearly visible on large pins with increased volumes, where the opening price and the closing price are practically in place.

After the last local high, the volumes of trades are noticeably decreased. If the next wave of growth will be at decreased volumes and candles will look uncertain and sluggish, it will be a signal for market preparation for correction. The critical point for buyers is the price of $30.9:

BitcoinNews.com BNB Market Analysis 3rd July 2019

According to the wave analysis, we see that wave 5 stopped at a price of $39.7 and at the moment is equal to the wave 3. Now the price has stopped at the level of Fibonacci $0.618. If buyers fail to keep this level, it will mean a global correction with a first stop at $26 and with a future global target of $17.5:

BitcoinNews.com BNB Market Analysis 3rd July 2019

However, while the price is within the channel of the price movement, one should prefer the scenario of continuation of the movement in this channel and a new attempt to test the price zone of $38-42.

A weekly candle closed on 30 June and completely covered the body of the previous candle, thereby giving the prospect of the fall continuation:

BitcoinNews.com BNB Market Analysis 3rd July 2019

Therefore, for a more probable scenario, it’s important for us to see how aggressive, regarding volumes and candles, will be the next attack of buyers. Meanwhile, we can follow an exciting consolidation in the range of 20%, waiting for the clear signal from the market.

 

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

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 BNB Market Analysis 3rd July 2019 appeared first on BitcoinNews.com.

BitcoinNews.com Bitcoin Market Analysis 2nd July 2019

BitcoinNews.com Bitcoin Market Analysis 2nd July 2019

The new week, the new month and the new local low buyers have achieved today! Buyers failed to keep trades in the yellow price zone, and as early as 30 June, sellers left this zone and now are trying to break through an important price mark of $10,400. As a reminder, this is the price level sellers are trying to break through for the third time in 7 days:

BitcoinNews.com Bitcoin Market Analysis 2nd July 2019

Buyers are interested in this price and without an aggressive attack of sellers there won’t be continuation of the fall. At the moment, sellers have broken this level, but the price has sharply turned back, creating a false breakdown. After fixing the price below $10,400, sellers open up to $9,400. On the way to this target, there is a trend line in which the price in history was traded from May to the end of June.

But in our opinion, there is a little bit of liquidity between the prices of $10,400 and $9,400, and to emphasize this trend line as a stop or the probable place of price reversal isn’t something we’d do. The local critical point for sellers is at a price of $11,220. In addition to the local red trend line, which is now controlled by sellers, we see a small accumulation zone. After breaking through this, we should see an increase in the probability of breaking the yellow zone:

BitcoinNews.com Bitcoin Market Analysis 2nd July 2019

Marginal positions of buyers are decreasing, but no longer with speed:

BitcoinNews.com Bitcoin Market Analysis 2nd July 2019

After yesterday’s abnormal closing of marginal positions, sellers gradually came back to life and are trying to increase them:

BitcoinNews.com Bitcoin Market Analysis 2nd July 2019

In the wave analysis, we see the current fall as a correction, which consists of three waves:

BitcoinNews.com Bitcoin Market Analysis 2nd July 2019

Wave C = 0.618 * A and if sellers can break through $10,400 then the next serious seller problem will appear at a price of $9,000. If we look in detail at the nature of the fall in prices from 26 June, then we can see that the wave A is sharp and aggressive; the wave B consists of three smaller waves, and the wave C is weak enough and slightly sloping in contrast to the wave A.

If we give a brief summary, then the price is now between two critical points: $10,400 for buyers and $11,200 for sellers. After breaking through these prices, the probability of price movement towards the breakthrough is very high. Since now the trading volumes are gradually decreasing, the market becomes more manipulative and, in our opinion, it is wise to expect a real signal. Let’s see what should we expect in July, but for now, we will focus on this week!

 

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

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 2nd July 2019 appeared first on BitcoinNews.com.

BitcoinNews.com Litecoin Market Analysis 1st July 2019

The growth from May 2019 ended with breakthrough of the blue trend line and a test of the price range $112-115. The corection began after buyers failed in a proper manner update the local high on 22 June.

For a week, sellers lowered the price by 21%, but so far the price is above the price range of $112-115. Buyers, trading in the range of $130-140 for almost 2 weeks formed a liquid zone, which will be a certain test for buyers, if they keep $112-115. At 4-hour timeframe it is clearly seen that around $140 volumes significantly increase and at the moment, market participants regard the price range of $130-140 as a sales area:

BitcoinNews.com Litecoin Market Analysis 1st July 2019

Also, on the chart, we see that after breaking the blue trend line, buyers tried to restore growth, but managed only to test below the trend line:

BitcoinNews.com Litecoin Market Analysis 1st July 2019

Notice that the test was on increased volumes. So far, sellers handle the situation, but active actions of them ended on 27 June.

After approaching the marginal positions of buyers to their historical high, buyers began to reduce them, however, this began in the last two days:

BitcoinNews.com Litecoin Market Analysis 1st July 2019

Sellers continue to be indefinite in their mood:

BitcoinNews.com Litecoin Market Analysis 1st July 2019

According to the wave analysis, buyers form a wave (5), which, in the price of $140, was equal to the wave (3).

BitcoinNews.com Litecoin Market Analysis 1st July 2019

It was this mark that buyers did not manage to go any further. However, if buyers would gather strength for a new attack then the next target is $158-168.

A weekly candle closed over the price range of $112-115, and this fact does not give sellers a better chance of overcoming the fall on the big timeframe. It is the first red weekly candle for the last 9 weeks:

BitcoinNews.com Litecoin Market Analysis 1st July 2019

Globally, the Litecoin growth from December 2018 corrected the wave of fall by almost 38.2% (at a price of $158). Therefore, the prospect of testing this price remains high. Otherwise, if buyers do not keep $112-115, the next target is $102.

 

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

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 Litecoin Market Analysis 1st July 2019 appeared first on BitcoinNews.com.

BitcoinNews.com Bitcoin Market Analysis 28th June 2019

The situation has changed dramatically from the previous analysis, although the price on 25 June is pretty much the same as now. After buyers tested the trend line, which sellers broke through back in June 2019, a consolidation began. This consolidation aggressively was broken up by buyers and for several hours they left the yellow price zone:

BitcoinNews.com Bitcoin Market Analysis 28th June 2019

However, sellers were able to quickly return the price back to the yellow price zone. In addition, the price returned to the consolidation range on 22-25 June, from which was a shot to $13,760. In our opinion, the current fall slightly constrained buyers come back down to earth and it should make us think that there is no growth without corrections, especially after such a long falling trend. At the moment, buyers are trying to continue their growth. The support for them was a mark of $10,400. This mark for the second time gives buyers resistance before the start of a new growth:

BitcoinNews.com Bitcoin Market Analysis 28th June 2019

On a daily timeframe, we see that the price has clearly slowed down in the yellow crooked zone, which we have been drawing since October 2017. Given that the day candle closed on 26 June, having formed a worthy pin, and at the same time we saw the largest volumes, starting from April 2019.

There is a high probability of the price stop after such a global growth without corrections:

BitcoinNews.com Bitcoin Market Analysis 28th June 2019

Also, please note that the day candle on 27 June completely closed the growth of the previous two days. This fact gives sellers a signal for a possible exit from the yellow price zone and the continuation of the fall. We think that it will be clear in the course of the week whether the sellers have enough strength to fall or the current fall was a small correction before continuation of growth.

Marginal positions of buyers for the third day are aggressively decreasing:

BitcoinNews.com Bitcoin Market Analysis 28th June 2019

However, the position of sellers is interesting. Sellers are in no hurry to increase their positions and continue to be in consolidation:

BitcoinNews.com Bitcoin Market Analysis 28th June 2019

According to the wave analysis, buyers now form a wave (5), which in the price of $13,150 was equal to length of a wave (3):

BitcoinNews.com Bitcoin Market Analysis 28th June 2019

After a false breakdown of $13,150, sellers sharply lowered the price to another level of Fibonacci – $10,350, but a day candle closed above the next level of $11,000. So far, buyers will keep this level and it slightly decreases the chances of sellers to continue falling.

Therefore, our main scenario is the consolidation in the yellow zone. An alternative scenario is the continuation of the fall to $9,660. We will discuss more global targets at the end of the week at Bitcoin’s weekly analysis.

 

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

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

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

Image Courtesy: BitcoinNews.com

The post BitcoinNews.com Bitcoin Market Analysis 28th June 2019 appeared first on BitcoinNews.com.

BitcoinNews.com BNB Market Analysis 26th June 2019

Buyers of the BNB coin still got their own way and broke the blue trend line for the third time. The price stopped before the price zone of $38-42.7. We wrote about this price zone in previous analyzes and it worked perfectly. At the moment, a good support for buyers is the middle line of the growth channel, in which the price moves from December 2018.

The critical point for buyers is a mark of $35.5. The past local high stopped at that price. Also, the blue trend line, which was so hardly broke through for buyers, now passes at a price of $35.5. Therefore, having kept this price, buyers will provide for themselves a daring continuation of the price growth and try to fix above $42.7.

The past weekly candle closed above the previous local highs. A weekly candle, which began to form on 10 June, closed uncertainly, making a mistake, but the next week’s candle was able to rehab. In our opinion, it means the attempt of sellers to the opposition, but the pressure of buyers is stronger:

BitcoinNews.com BNB Market Analysis 26th June 2019

If we consider another scenario of participants locally on a 4-hour timer, then now a falling channel has been formed, in which the price movement more resembles correction than the change of the main trend:

BitcoinNews.com BNB Market Analysis 26th June 2019

The angle of a price fall is much lower than the angle of growth. Also, please note that sellers can not update the new local low yet. Even if it succeeds, we see that it is happening with great effort.

According to the wave analysis, buyers form wave (5), which at a price of $38.5 in length equaled wave 3:

BitcoinNews.com BNB Market Analysis 26th June 2019

If buyers can fix themselves over this wave then the next forecasted stop is $43.8.

An interesting fact is that the last local high was fixed fairly low and if this trend continues, it will be a good signal of preparing the market for correction. We drew a black trend line, which buyers should break through during the next attack, if they wish to continue intensive growth:

BitcoinNews.com BNB Market Analysis 26th June 2019

Otherwise, a wedge will form, which is more likely to break down.

 

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

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 BNB Market Analysis 26th June 2019 appeared first on BitcoinNews.com.

BitcoinNews.com Bitcoin Market Analysis 25th June 2019

https://www.tradingview.com/x/3f05GDlb/

After the phenomenal closing of a weekly candle at a price of $10,925, buyers have created a good atmosphere of confidence in the continuation of growth. It is the second weekly candle, which shows an average growth of 20%. After a sharp growth and test of the price $11,200 through which the trend line passes, the length of the candles significantly changed and the price deceleration is clearly visible:

https://www.tradingview.com/x/3f05GDlb/

In addition, we see that the volume is not the smallest. Buyers got to the narrow yellow channel of the price movement, which once was a support for them and this channel sustained many sellers attacks. Sellers broke this channel in June 2018 and after its test, the price continued to fall:

https://www.tradingview.com/x/3f05GDlb/

Now, we think that there is a high probability of price stop in the yellow channel.

On a 4-hour timeframe, we see increased volumes at local highs, but so far, buyers are ready to buy the whole offer of sellers when a counterattack begins:

https://www.tradingview.com/x/3f05GDlb/

Also, there is a tendency that volumes are decreasing in the newly-formed consolidation and local highs are updating. It is a signal to start a possible correction.

Another signal to the possible Bitcoin correction is the depletion of other coins. We noticed that during Bitcoin growth, other coins behave passively (only some coins grew, but it is more likely to be an exception). However, while Bitcoin attempts to fall, other coins react rigorously to this signal. It suggests that investors from other coins are throwing money into Bitcoin and with a likely fall there is a chance that the market will suddenly collapse again.

The portion of probable negative is over and we will analyze the mood of the buyers. Marginal buyers positions continue to grow:

https://www.tradingview.com/x/3f05GDlb/

Sellers also increase their positions:

https://www.tradingview.com/x/3f05GDlb/

In this situation, you should expect a strong sharp price movement. It’s still not clear to which side. Everything depends on the weekly candle closure.

According to the wave analysis, the 5th wave continues its formation and now buyers are fighting with the level of Fibonacci 0.618 at a price of $11,100. If buyers will fix above this level on a weekly timeframe then the next target may be $13,300:

https://www.tradingview.com/x/3f05GDlb/

However, at the moment, the price is in consolidation and on Thursday we will see whether it will be possible for buyers to continue their growth this time.

 

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

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 25th June 2019 appeared first on BitcoinNews.com.

BitcoinNews.com Bitcoin Market Analysis 24th June 2019

BitcoinNews.com Bitcoin Market Analysis 24th June 2019

The week of Bitcoin trading ended and the most colorful were the last three days. On Friday, buyers managed to break through the angle wise consolidation upwards, after that the price without special stops reached $11,230. On a 4-hour timeframe we see that buyers stopped before the breakthrough of the trend line but did not feel any opposition from the buyers, and after a brief consolidation, the price skyrocketed upwards:

BitcoinNews.com Bitcoin Market Analysis 24th June 2019

The sharp growth in prices began virtually after a failed attempt by sellers to start a counterattack. Within one hour there was a large volume from sellers, which was aimed at reducing prices. However, pay attention to the size of the candle:

BitcoinNews.com Bitcoin Market Analysis 24th June 2019

Too much demand from buyers forced sellers to retreat, after that the sharp growth began immediately after the next hour. The main opposition buyers met at a price of $11,100. After the first attempt to fix above this price on 22 June, buyers got a tough response and within one hour the price fell by 7.5%. After this incident, a consolidation in the range of $10,370-$11,100  was formed and now buyers are trying to break through the upper part of this consolidation again:

BitcoinNews.com Bitcoin Market Analysis 24th June 2019

Throughout the week, buyers increased their marginal positions. However, they have increased especially today, testing for the third time zone from which buyers began to close their positions:

BitcoinNews.com Bitcoin Market Analysis 24th June 2019

The situation with the marginal positions of sellers is identical, the only thing is that during the current growth, sellers did not so actively increase their positions:

BitcoinNews.com Bitcoin Market Analysis 24th June 2019

According to the wave analysis, we continue to adhere to the scenario, which we wrote about in previous analyzes. If we consider that the 3rd wave of growth started on 8 February and the correction, which is the 4th wave, began on 16 May, then after updating the local high on 16 June, buyers began the 5th wave of growth, which at the moment equals wave (3) * 0.618:

BitcoinNews.com Bitcoin Market Analysis 24th June 2019

If sellers can not keep the current price then the next likely price stop is at the mark of $13200. So far, sellers are trying to slow down the price to start their game, but it is bad for them. Globally, the weekly candle has a chance to close with a prospect of growth continuation:

BitcoinNews.com Bitcoin Market Analysis 24th June 2019

The next week, the month candle will close and if sellers during next week will not low the price to $9,000, then July is expected to be very hot and green.

 

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

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

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