Bitcoin Price and Technical Market Analysis February 15th, 2020

• The range $10,300-10,500 continues to be under sellers control.

• Breaking the mark $10,000, buyers will open the way to the range $9050-9350.

• The main scenario of fixing over $10,500 and the likely continuation of growth to $13,070 is still valid.

For the fourth day in Bitcoin market there is a struggle for the range $10,300-10,500. Despite the passivity, sellers still manage to keep Bitcoin price below this range. However, sellers are still hesitant to lower the price below $10,000. In this way, there is a question of buyers’ trend in the current consolidation. At the moment, every daily candle which closes below the critical range $10,300-10,500 adds a chance and confidence to sellers for a price reversal with the first target $9050-9350.

If we consider the current consolidation on a 4-hour timeframe, the situation looks like a complete exhaustion of buyers to start aggressive Bitcoin growth correction:

Pay attention that after the first test of the price zone $10,300-10,500 in Bitcoin market, buyers spent some time within its limits. However, after the price fall on 13 February  , buyers are no longer able to reach the critical range. It indicates a slow transition of the initiative to sellers. Though, we are talking about a likely price reversal and certain signs which point to it. As long as Bitcoin price is above the blue trendline and the price mark $10,000, fixing above $10,300-10,500 with likely continued growth to $13,070 remains our main scenario.

At the chart of marginal positions of buyers continues consolidation:

At the moment, buyers have stopped near the historical high. For the third day, they hesitate whether they should continue increasing their marginal positions.

Sellers have a similar situation with their margins, with the only difference – the indicator is in zone of ​​historical lows.

According to the wave analysis locally, the situation remains unchanged. Buyers are unable to correct the fall wave from 24 June 2019 by more than 61.8%. Now Bitcoin price is just consolidating below this level of Fibonacci. If you look at the situation globally, the growth wave from 17 December 2018 corrected the global fall from December 2017 also by 61.8%:

Thus, both on the global and local charts, now is a critical moment, which will show the future medium-term direction of movement in Bitcoin market.

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