Bitcoin Price and Technical Market Analysis May 18th, 2020

• The weekly candle closed above the range $9200-9400.

• The next target of buyers is $10,500.

• In case of positive repeated test of $9200-9400, the chances of buyers to test $13,000 will significantly increase.

Yesterday’s trading on Bitcoin market ended with an uncertain closing of the candle at $9662. Yesterday, buyers raised Bitcoin price by 5%, but above $9800 sellers became more active, who influenced the formation of a pin on a daily candle. Trading volumes yesterday were slightly higher than on 16 May, but are quite low. Given that the price is at local highs, it adds the mystery, as it is unclear whether buyers have enough strength left to continue the confident trend movement.

Taking account of the low trading volumes yesterday, market purchases were 5% higher than market sales. Sellers resisted and it seems that their forces are not enough at the moment.

In general, the week of trading on Bitcoin market was quite optimistic for buyers:

During the week, buyers managed to raise Bitcoin price by 11% and confidently break the range $9200-9400. Sellers failed to realize the false breakdown of the previous weekly candle in their favor. So, the scenario of continued growth and the test of $10,500 remains the main one. Returning the price in Bitcoin market to the range $9200-9400 is quite possible to re-check the strength of buyers. By keeping this range again, buyers will dispel all doubts about their dominance and open the way to $13,000.

The new trading week from the first hour began with Bitcoin price growth and an update of the local high. As you can see in the 4-hour timeframe, the price on Bitcoin market is approaching the trend line of the red channel:

Buyers have gained a high growth rate, which may lead to the beginning of the correction with a target $9200. However, if during the test of $10,000 sellers remain passive, the price growth will go beyond the red channel and accelerate.

The dominance of BTC in the crypto market continues to remain at local highs, above 67.55%:

The indicator is in the consolidation triangle, which is ready to shoot up with the first target 71%.

This fact confirms the possibility of continued price growth in Bitcoin market. Therefore, buyers should have a good mood this week. And the critical point is Bitcoin price range $9200-9400. After passing the test of this range again, the following targets of buyers are $10,500 and $13,000.

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