Bitcoin Price and Technical Market Analysis April 29th, 2020

• Buyers confidently break the mark $7700.

• The next likely buyers target is $8800.

• The critical point for the trend of buyers is the mark $7550.

Yesterday’s trading day on Bitcoin market was the final one for the price consolidation corridor. Yesterday, sellers were unable to fix below $7700 and continue trading at least at the bottom part of the blue consolidation channel. Thus, trading in the range of 1%, Bitcoin price after the daily candle closure immediately began to grow. The consolidation channel and the upper trend line of the black wedge was broken on increased volumes today. Buyers were confident and aggressive buying Bitcoin at local highs for 5 days.

If you look closely at the 4-hour timeframe, we see that no 4-hour candle was closed without a pin down:

Slow and steady pushing of Bitcoin price through liquidity indicates that there are not enough sellers in the price range. Fixing above $7770, buyers have a great chance of the growth continuation to $8800, which we wrote about in the previous scenario. If we look at the nature of the price growth in Bitcoin market today, we still do not see any signals for a stop or correction. In condition that Bitcoin price slows down, the correction to $7550 is possible in case of aggressive buyers attack. Otherwise, buyers will not allow the price to move below $7770.

Two days remain before the closing of the monthly candle. At the moment, the Target of buyers is to completely cover March candle and prove that it was a false breakdown:

As we can see, closing Bitcoin price on 30 April above $8555, buyers will be able to reach that target which can signal about growth continuation. At the moment, the market expects a correction and rebound from the range $8000-8300. However, looking at the mood changes from 21 April, we should consider the option of the growth continuation to $9300-9500. Below this price range, the trend will be considered to be falling. This range is the global turning point for us at the moment.

According to the wave analysis in Bitcoin market, having passed Fibonacci level 0.618, the next target is at $8800:

At this mark, the wave (Y) will be equal to the wave (W). We continue to follow the attack of buyers. Tomorrow, we will see if there are still aggressive sellers on the market who are able to continue their trend and test at least Bitcoin price $7550.

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