Bitcoin Price and Technical Market Analysis January 18th, 2020

• Bitcoin price got to the local wedge with the critical points $9200 and $8650.

• For the test of $7850, sellers need to fix below $8650.

• The wave of growth (c) is still unfinished and at the mark $9200 will become clear scenario of developments in Bitcoin market.

Yesterday’s trading on Bitcoin market ended with the update of the local high and uncertain price fixing above the local price zone $8600-8850. Yesterday’s trading volumes was relatively high, but it did not bring success to buyers with the active continuation of growth. Sellers are clearly slowing the growth of Bitcoin price before the critical price zone $9050-9350.

At the 4-hour timeframe, we see that updating the local highs every time is lazy. Buyers still safely keep the bottom red line of their trend, which began on 3 January. However, sellers don’t allow buyers to get to the upper trend line, thus turning the trend into a wedge. If buyers keep $8650-8700, they will have a chance to break the upper trend line up and compete for Bitcoin price fixing above $9050-9350. Though, if buyers are unable to keep $8650, then buyers will begin a growth correction with the first target $7850.

The daily timeframe shows that the piquancy to this situation adds the fact that Bitcoin price goes beyond the global black channel:

On the one hand, the price exit is fixed, but it looks uncertain. The price barely broke the upper trend line and immediately got into consolidation. In this case, we need to carefully monitor the attacks of sellers and whether buyers have the strength to buy the entire offer of sellers.

Margins of buyers are trying to increase again, after 24 days of closing:

However, a more confident position increase will start after breaking the range $9000-9350.

Sellers partially close their positions, but based on recent aggressive increases, it does not seem to be significant:

According to the wave analysis, the formation of the wave (c) is not yet complete. Buyers are fighting for the right to test Fibonacci level 1.618, which passes at the price mark $9200:

It is the most probable scenario for buyers right now. During the test of this price mark in Bitcoin market, we will be able to analyze whether buyers still have strength. Also, we will discuss whether buyers are ready to continue their growth to $11000.

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