Bitcoin Price and Technical Market Analysis January 29th, 2020

• Buyers without correction started storming $9050-9350.

• Sellers are not yet willing to defend themselves.

• If buyers fix above $9350, the next their target will be $10,330.

Effectively enough, buyers closed yesterday’s candle in Bitcoin market, entering the price range $9050-9350. Buyers closed yesterday at the mark $9397 and stopped aggression to test the strength and mood of sellers. Overall, the cryptocurrency market is responding well to Bitcoin price growth.

Other coins are also growing and the phenomenon of transferring money from altcoins to Bitcoin is not observed. The volumes on the daily timeframe look harmonious, they are increasing approaching to a critical point every day. It looks like buyers are gathering speed before trying to break through and fix above $9350.

Today in Bitcoin market the relative lull and the price has stopped in consolidation:

Bitcoin price stop is more like a check of sellers in the market for the growth continuation. Sellers are no longer trying to organize a counterattack and do not use volumes. An interesting fact is that the price stop in the range $9050-9350 has happened so far twice and exactly near the lower and upper limits of this range. It confirms the correct determination of the critical price zone.

Comparing futures chart to Bitcoin, the price differs by $150 and the volumes look much more convincing:

Margins of buyers continue to increase and when buyers fix above $9350 they will feel more confident:

Sellers have been actively closing their marginal positions today, crossing out a 5-day marathon of positions increasing before:

Interestingly, it is precisely today that there was no danger. In our opinion, sellers are trying to get out of unprofitable positions to continue Bitcoin price growth in Bitcoin market.

According to the wave analysis, buyers exiting from the global falling channel corrected the fall wave from June 2019 by 50%:

If buyers manage to pass the current Fibonacci level, the next stop is at $10,330. The critical point of current growth is in the price mark $8660.

Let’s see if buyers can just as easily continue their growth until the end of this week. Tomorrow, we will see the consequences of today’s consolidation of Bitcoin price.

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