Bitcoin Price and Technical Market Analysis January 31st, 2020

• Sellers’ attempt to change the situation by testing the mark $9120 failed.

• Buyers continue to fix over $9050-9350.

• Targets for February $10,500 and $13,070 remain unchanged.

Yesterday’s trading on Bitcoin market ended with an update of the local high and exit from the range $9050-9350. As the end of the month approaches, buyers continue to strengthen their positions in the market. Bitcoin price growth was over 2% yesterday. Considering the daily candle from 28 January, where buyers were able to raise the price by more than 5% and use the same volumes as yesterday, yesterday’s growth was weaker. Sellers still decided to turn the situation in their favor. So far, it looks local, so let’s move to the hourly timeframe:

Sellers tried to break local consolidation down by organizing a false breakdown to the mark $9120. Thus, buyers who were buying on Bitcoin market in the limits of consolidation, were forced to sell their bitcoins through stop orders. Most of buyers did not respond to the provocation. The price updated a new high on increased volumes. Now, sellers are testing the broken range. As we can see by the nature of the fall, they are not relying on a counterattack. Given these facts, the continuation of growth to $10,500 is probable scenario and a foothold for a successful February growth are laid.

Buyers have been actively increasing their marginal positions yesterday. It shows their good humor and belief in Bitcoin price growth continuation:

It is also interesting that sellers are trying to keep up with buyers by increasing their marginal positions yesterday as well:

Looking closely at when buyers began to actively increase their positions, we begin to understand. It was during the test of $9120 and a sharp counter-attack of buyers. Sellers actively increased their marginal positions for 5 hours with updating the local high. This fact is not yet clear, as the seller’s support is now under the control of buyers and the next support is near the mark $10,500.

According to the wave analysis, we can see that the wave of growth since 18 December corrected the fall from July 2019 by 50%:

In fact, now buyers have stopped at this mark. If the situation with Bitcoin price remains constant, then next week buyers will surely prove the definitive change of the falling trend and the beginning of a new trend of growth. Next month’s targets $10,500 and $13,070 remain unchanged.

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