Bitcoin Price and Technical Market Analysis January 26th, 2020

• Passive Bitcoin trading week ends with the price fall of 4%.

• A weak counter-attack of sellers and a stop at the mark $8240 gives buyers a chance for another test of $9050-9350.

• Sellers will be able to continue falling to the range $7550-7800 after breaking $8240.

Bitcoin trading week ends with the price fall of 4% relative to the previous candle. It was quite a passive week during which with a little cautious steps Bitcoin price falls. Analyzing these 7 days, in fact, only on 23 January, sellers achieved a definite result after leaving the 3-day consolidation and confidently breaking $8600. At the moment, the initiative in Bitcoin market belongs to sellers. But the surprising fact is that since 13 January, the price has been freely drifting near the upper trend line of the global black channel:

Sellers are not trying to aggressively lower the price to continue the movement in the black channel. Trading volumes of sellers are also amazing. On the daily timeframe it is noticeable that the increased volumes of sellers were only on 19 January, during the break of the trend line and the test of $9050-9350. Given the angle of the fall of Bitcoin price within 2 weeks, sellers can give buyers a chance for another attack of $9050-9350. And this chance should give the vector of price movement for the coming months.

The 4-hour timeframe shows that despite the sharp decrease of Bitcoin price on 25 January, sellers have not updated the local low:

The current buyers attack looks rather weak but gradual. If buyers succeed in fixing above $8520, a new attack attempt of $9050-9350 will begin.

Otherwise, sellers will continue their attack to the mark $7800.

Buyers’ margins continued to decrease, but the new local low was not so aggressively updated:

The mysteriousness of sellers has been going on since 16 January. In the last two days, the mood of sellers begins to worsen:

Wave analysis shows that sellers have managed to correct wave (C) by 38.2% so far. In case, sellers fix below the price mark $8240, the next target is $7700:

Sellers will correct the wave (c) by 61.8% at this price.

Let’s see which of the critical points will be conquered next week in Bitcoin market, $8240 or $8520. Tomorrow we will try to analyze which scenario is more likely, the test of $9050-9350 or the fall to $7550-7800.

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