Bitcoin Price and Technical Market Analysis February 11th, 2020

• By raising the price by 5% in 15 minutes, buyers tested the price zone $10,300-10,500.

• If buyers can fix above $10,500, the next global target is $13,070.

• The price zone $9050-9350 remains the first indicator of a local trend change.

Today’s trading on Bitcoin market is marked by a special contrast. Yesterday’s sellers’ attack seemed like a serious problem and had a chance to move into our alternative scenario, testing the price mark $9600. Lowering Bitcoin price by almost 5%, sellers completely crossed the achievements of buyers on 8 February.

Therefore, the chance of continuing the fall was high. However, after the first aggressive attack, which ended with high volumes, sellers lacked the strength to break through the consolidation zone $9600-9800. The last candles at the 4-hour timeframe were practically without volumes. It was the signal for buyers to sharply recover the price level which was on the market on 8 February and even updated the local high. The growth of Bitcoin price is clearly visible on the 15-minute timeframe, when the price for one candle sharply rose by 5%:

Thus, buyers reached the global critical price range $10,300-10,500, which depends on the further direction of price movement in Bitcoin market.

Given today’s sharp movement, buyers are intend to break through this range. Therefore, after fixing over $10,500, the next target for buyers is $13,070. We will talk about an alternative scenario tomorrow when we see how sellers try to protect the critical range.

Buyers’ margins continue to increase:

Buyers are not at all bothered by yesterday’s attempt the price lowering. They believe in continued growth confidently.

Sellers are not particularly responsive to the market situation over the past two days. At least that’s how the chart of their margin positions shows us:

As we see during yesterday’s attempt of Bitcoin price fall sellers were decreasing their marginal positions. Today during the growth positions are decreasing. This is like small speculators who are trading on price rebounds.

According to the wave analysis on the daily timeframe yesterday’s sharp fall in Bitcoin market is not even noticeable.

Buyers were able to correct the previous wave of fall from June 2019 by 61.8, testing the mark $10,300 today:

At the price $10,500, the local growth wave from 26 January will be equal to the previous local wave of growth. Therefore, special changes in Bitcoin market are still imperceptible and everything goes according to plan. Let’s see if sellers can come up with a decent response and start changing the situation from tomorrow.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: TradingView

The post Bitcoin Price and Technical Market Analysis February 11th, 2020 appeared first on BitcoinNews.com.

from BitcoinNews.com RSS Feed
via TOday BItcoin New