Bitcoin Price and Technical Market Analysis February 6th, 2020

• Buyers managed to raise Bitcoin price by 5% yesterday.

• After buyers fixed above $9500, the prospect of the growth continuation continues to $10,500.

• Buyers corrected the wave of fall from June 2019 by 50% and moves to the next Fibonacci level 61.8%.

Yesterday’s trading day on Bitcoin market was quite intense. After sellers’ unsuccessful attempt to fix below $9050-9350, buyers confidently continued to grow. They were able to raise Bitcoin price by 5% in a day. The final point of the price reversal was the mark $9114, which sellers for the third time tried to take control of and were forced to retreat permanently.

Previous attempts of sellers to test this local mark ended in a sharp response from buyers. However, this time buyers gave sellers a chance. At the 4-hour timeframe, we see that sellers have actually taken the initiative on their own:

As we see neither in candle form nor in sellers’ volumes, we do not see aggression. Therefore, after the last unsuccessful sellers’ candle, buyers began to grow steadily, allowing them to move beyond local consolidation. Today, buyers have been able to upgrade a local high at the mark $9860. A confident Bitcoin price exit beyond $9500 opens the way for buyers to the next serious target $10500. Given the apparent weakness of sellers in this range, buyers should keep $9050-9350 and it is the main scenario for the growth continuation.

Buyers’ marginal positions have increased steadily over yesterday and continue to increase today:

An increase of marginal positions during growth indicates a willingness of buyers to buy at higher prices with the hope to sell even more expensive. One more fact to the probable growth continuation.

Sellers are reducing their marginal positions for the second day:

The local trend at the chart of sellers’ marginal positions remains a growth trend. But given the appearance of yesterday’s candle, the probability of a reversal is quite high.

According to the wave analysis of Bitcoin market, buyers managed to correct the fall wave from 24 June by 50%:

However, as we see in the weekly chart, buyers are not stopping there and moving to the next level of Fibonacci, which is at $10300. Buyers’ attack which continues from December 2019 has not actually been corrected. We think in a better case, without correction, buyers will be able to continue Bitcoin price growth not above $10300-10500, then correction to $9350 is possible. Let’s see if buyers can accelerate the growth in Bitcoin market and by the end of the week to test $10300-10500.

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