Bitcoin Price and Technical Market Analysis January 30th, 2020

• The temporary stop of Bitcoin price is ongoing.

• Sellers’ attempts to counterattack are weak, passive and without volumes.

• In case of successful closing of Bitcoin monthly candle, the targets for February are $10,500 and $13,070.

Today, the situation on Bitcoin market continues to be in favor of buyers. Bitcoin price continues to trade in local consolidation. Trading volumes in the consolidation range are decreasing with each 4-hour candle. Sellers attacks are completed by false breaks and do not present any dangers to the growth trend. Since, during the current consolidation a significant change of initiative in the market does not visible. So, the worst scenario at the moment is the continuation of protracted consolidation, after which growth should continue.

At the hourly timeframe, the current stop and trading of Bitcoin price is very similar to the previous one:

Sellers are trying to create a local fall trend by updating local lows. However, corrections are so deep and volumes so low that the chances of such a trend are very low.

Low chances of sellers to counter-attack are noticeable on the daily timeframe as well. Yesterday, sellers actually squandered the chance, though by several percent, to increase the chance of a counter:

Therefore, the main scenario remains to continue Bitcoin price growth to $9630. There also passes the upper trend line of the current trend.

Buyers’ mood is noticeably improving and it is reflected in their marginal positions:

After yesterday’s sharp closure of marginal positions, sellers stopped making decisions and expecting a verdict from buyers:

After a breakthrough of local consolidation up, sellers will continue to close their marginal positions more aggressively.

According to the wave analysis, the situation has not changed at all from the previous analysis. We want to pay attention to the monthly candle, which will finally form on Saturday:

The strong growth over the month gives a great prospect in February. The prospect to continue the fight and complete the six-month correction of growth in Bitcoin market from February 2019. Therefore, if in two days, including today sellers do not drastically change the market situation, the targets for February are $10,500 and $13,070.

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