Bitcoin Price and Technical Market Analysis January 22nd, 2020

• Yesterday, sellers failed to break the mark $8600.

• Buyers are also not trying to organize a counter-attack, continuing the price movement in 3% consolidation.

• The situation with the price stop near the upper trend line of the falling channel is more favorable to sellers.

The situation on Bitcoin market on 22 January remains stable. The price continues to move near the upper black trend line of the falling channel in the narrow range of 3%. Yesterday, sellers tried to fix below the price mark $8600 for the fourth time. They managed to do it only for one hour. With the next candle, buyers have returned Bitcoin price to the consolidation range. If we look closely at the hourly timeframe, we see that sellers had to use increased volumes to break $8600:

However, buyers with about the same volumes were able to completely cover the fall and fix above where sellers started their attack. Thus, buyers have secured a chance to continue their growth to the range $9050-9350. If buyers keep $8630-8670 now, they will surely test $9050-9350. Otherwise, yesterday’s protection of $8600 by buyers was the last convulsion before the inevitable continuation of the fall of Bitcoin price.

The mid-trading week in Bitcoin market is nearing completion and market participants have not yet opened their cards on the future price movement:

This behavior is not in buyers’ interests. Because the last two weeks, buyers have gained some acceleration, increasing volatility and volume. So, if they stop before the main critical point, it will mean that they surrender. Therefore, to continue this week’s global growth, buyers need to close the weekly candle at least in the range $9050-9350. Otherwise, sellers will start their attack immediately after the exhaustion of buyers.

The situation with the marginal positions of buyers is also unchanged:

Sellers continue to conspire their true mood for the 4th day and do not engage in activities with their margins:

After yesterday’s attempt by sellers to continue the fall, buyers were able to upgrade the local high in consolidation, testing Fibonacci level 0.5:

Thus, the fall from 19 January was corrected by 50%. We continue to monitor the situation on Bitcoin market and look for signals which will direct the future vector of the price movement. Nevertheless, this situation is more favorable for sellers and continuation of Bitcoin price fall.

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

Image Courtesy: TradingView

The post Bitcoin Price and Technical Market Analysis January 22nd, 2020 appeared first on BitcoinNews.com.

from BitcoinNews.com RSS Feed
via TOday BItcoin New