Bitcoin Price and Technical Market Analysis March 30th, 2020

• Sellers failed to fix below $6600 and their local attack ended.

• Keeping the range $6300-6400, the next sellers’ target is $5515.

• The maximum Bitcoin price growth we forecast not above the range $6600-6830.

Yesterday’s trading day in Bitcoin market can be divided into two phases: passive trading during the day in the range $6070-6150 and a sharp breakthrough of $6000. In the previous analysis, we wrote that we continue to expect a decrease of Bitcoin price and our target is the mark $5844. As we can see in the chart, sellers had not enough strength to test our target and they stopped at $5880.

Quite sharply, buyers were able to return the price to the critical range $6300-6400, from which we continue to expect a new falling impulse with the first target $5515. If we look at the volumes, we see that since 28 March, active sales volumes have fallen significantly. It is evidenced by the repeated attempt of breakthrough of $6000, which only for the third time was successful. In our opinion, it indicates a certain weakness of sellers in this range.

If we look at the current growth in Bitcoin market, we see that now buyers are on the verge of breaking the liquid range. It is confirmed by horizontal volumes:

Fixing above $6300, buyers should have no problem with Bitcoin price growth above $6600. There is the new liquidity zone which formed by the three-day consolidation.

If we look at the daily timeframe, we see that yesterday’s candle closed confidently below $6000. Although, today buyers “absorbed” yesterday’s candle, claiming to continue growing to $6600:

In order to change the situation, it is important for sellers to keep buyers in the range $6300-6400 for several days. After exhaustion, they should continue to fall with the first target $5500 and with the possible final target $5100.

Nevertheless, the weekly candle has not closed for the benefit of buyers. Though, it actively shows us that there are quite a few sellers on Bitcoin market who will not be able to form a strong growth trend so quickly:

That’s why, the probability of Bitcoin price fall continuation is very high. And the main question is from which mark $6300-6400 or $6600 it will start.

In the wave analysis, the picture remains unchanged. Yesterday, sellers completed the formation of the first wave of fall (W) and now formed wave (X):

Therefore, we wait for the wave (X) to complete and follow sellers’ force to forecast the final point of the fall.

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