BitcoinNews.com Bitcoin Market Analysis 14th February 2019

Consolidation. A word often used in a market with small volumes. After each smallest active movement, the market fades. This is happening now.

After the previous analysis, the situation has not especially changed. Active growth since 8 February has shifted to a slow and weak fall which looks like a consolidation. This is especially evident on the daily timeframe:

At the moment, sellers are not so aggressively organizing their fall as buyers were able to perform with growth. The current price movement resembles a correction after growth rather than a change in the local trend. In addition to slowness in candle testing, sellers do not use large volumes to change the situation in their favor. If you analyze horizontal volumes, then you can see that in the range of USD 3,560-3,660 there is no liquidity. And the real interest in the market participants is at a price of USD 3,500:

However, after several attempts by sellers to continue the fall to USD 3,560 with the ultimate target of 3,500, the effort ended with flawed breakdowns. So far, sellers can update the local low and gradually lower the price below. However, when an unsuccessful attempt to upgrade the local low comes, it will be the first signal of a change in the balance of power that will lead to a continuation of growth.

Locally, sellers are still stronger than buyers now. This is what the following situation shows us:

After sellers could not fix themselves below USD 3,660, buyers had to take the initiative and start their scenario. However, we see small faded green candles on minimal volumes. Paying attention once more to horizontal volumes, it becomes clear that with such forces, buyers will not be able to break through the liquid price zone of USD 3,660-3,700. Therefore, if buyers do not fundamentally change the situation now, the price will continue to fall, looking for a local bottom from which it can continue to grow. The next potential variant of the local bottom is USD 3,600:

Since yesterday, marginal positions of buyers are closing but are in the growth channel and now at the middle line of the channel:

Sellers also close their positions, which since 10 January, are in consolidation:

As for our main scenario, it remains unchanged. We expect from buyers at least attempts to break through the price zone of USD 3,770-3,800. While the price is above USD 3,500, buyers are more likely to continue to grow. In order for the situation to become clearer, we want to see some trading situation on solid volumes. Meanwhile, we can only wait and enjoy an interesting and exciting consolidation.

 

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