Bitcoin Price and Technical Market Analysis February 2nd, 2020

• Sellers failed to break through local consolidation $9280-9450.

• Weekly candle closes with the prospect of Bitcoin price growth continuation next week to $10,300-$10,500.

• The price reversal scenario will be considered when sellers fix the price below $9050.

Bitcoin trading week ends with no major changes. Bitcoin price continues to be in the range of $9280-9450. Sellers have tried to break the bottom limit of the consolidation range today, but they have failed to fix below $9280. Buyers immediately started a counterattack, raising the price above $9350. Thus, they denied the reversal figure like head and shoulders:

In such a way, the 4-hour timeframe shows that buyers have launched their new attack with the minimum target of exiting from the current trading range and test of $10,500. On the daily timeframe, candle is formed with a large pin, which emphasizes the weakness of sellers and inability to control $9050-9350 now. Therefore, the new trading week on Bitcoin market promises to be a week of growth.

During this week, Bitcoin price increased by 10%. The weekly candle looks quite optimistic. The worst case scenario at the moment is a continuation of the consolidation at the range $9050-9350:

As we can see, buyers are uncertainly broke this range at the weekly timeframe. So, the continuation of the price stop in the yellow price zone is a possible scenario.

Buyers’ mood has improved significantly this week and can be seen in the chart of marginal positions:

Buyers after the sharp closing of the marginal positions started a new wave of their growth.

Sellers have been increasing their marginal positions for the third week now. They have practically reached the first critical point, after which on the history the histirical low has been updated:

Because for 5 days Bitcoin price is moving in a narrow consolidation, the situation on the wave analysis has not changed at all:

Buyers broke the upper trend line of the black channel and corrected the previous wave of fall by 50%. Next target is in the range of $10,300- $10,500. The critical point for continued growth is at $8600.

All things considered, the main growth scenario in Bitcoin market remains in place. We will start talking about an alternative scenario after fixing sellers below $9050. Have a good start of the week!

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 2nd, 2020 appeared first on BitcoinNews.com.

from BitcoinNews.com RSS Feed
via TOday BItcoin New