Bitcoin Price and Technical Market Analysis February 1st, 2020

• The monthly candle in Bitcoin market closed with great prospects for the growth continuation to $13,070.

• The price continues to fix over the range $9050-9350.

• The next potential local target is $10,500.

Trading month on Bitcoin market ended quite calmly and without provocation. During the month, Bitcoin price rose by 30%, giving buyers a high chance of the growth continuation in February. A 4-day consolidation shifted to the new month was reminiscent of the price fixing over the critical range $9050-9350.

In consolidation, buyers are trying to buy out all sellers to effectively continue their growth without unnecessary volume costs and to make sure they are able to keep the price. Yesterday’s trading day ended with the price lowering by 2%. Sellers tried to act more aggressively. But buyers did not allow any 4-hour candle to close without a large pin:

The insufficient capacity of sellers in their counter-attacks makes it clear that the continuation of Bitcoin price growth is a matter of time. The main targets for February remain unchanged at $10,500 and $13,070.

Yesterday, marginal positions of buyers decreased and it is caused by the price decrease in Bitcoin market:

Sellers continue to increase their marginal positions, expecting a local price reversal:

If you analyze the long-forgotten index of fear and greed, you can see that the chart is now at a critical point. The fact is that at the mark 57 the mood of buyers has twice quickly changed from greed to fear. Therefore, after passing this mark buyers will actively buy bitcoin.

According to the wave analysis, the situation remains unchanged. Globally, the fall wave on 24 June corrected the previous wave of growth by 50%. In this case, the next wave of growth should end at no less than $13,070:

Locally in Bitcoin market, buyers stopped near Fibonacci level 0.786, correcting the previous fall wave (Y) by 78.6%:

It is the last foothold for sellers to start a counterattack and keep the falling trend. However, even in this case, it will be difficult for sellers to update the local low. If they fail to fix above $9050-9350, buyers will have another attempt to continue the price growth. We wish you a good month and meet you at tomorrow’s analysis of Bitcoin price movements.

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