It’s time to do a weekly analysis of Bitcoin price, which continues to keep everyone on their toes and does not give a clear signal to buyers or sellers.
Last week, the price was moving at an approximate range of 6%. After an unsuccessful attempt of buyers to break through the blue trend line of the channel, in which the price moves from December 2018, the sellers tried to change the situation on volumes and began to fall. Sellers managed to lower the price by almost 10% in 2 hours:
Sellers managed to even break through the price zone of $5,200-5,300 and stop at the critical point for buyers of $5,000-5,050, which we wrote about in previous analyzes. However, sellers could not hold their initiative and buyers could immediately return control at the price range of $5,200-5,300.
In addition to the global blue channel of the price movement, one can also point out another channel of price movement, which is more like a consolidation at an angle:
In fact, the action signal will be when the price goes out of this channel.
Analyzing the volumes this week, they were slightly higher than average volumes starting from January 2019. After a sharp fall with a test of the price zone $5,000-5,050, buyers for 4 hours at increased volumes bought bitcoin. After the price return above $5,200-5,300, the volumes have fallen sharply and to this day remain low:
It suggests that so far buyers are trying to keep the price, but do not actively fight for the continuation of growth, thereby pointing to their weakness.
Marginal buyer positions tell us that the majority fixes their profits and closes their positions:
Sellers, on the contrary, expect the continuation of the fall and actively increased positions:
Pay attention, how the fear/greed index has changed. The mood in the market has changed dramatically, despite the fact that the price did not make strong fluctuations:
According to the wave analysis, the last wave of growth, which began on 11 April, sellers adjusted by 78.6%:
If we consider that we are waiting for another wave of growth, it is important for buyers to break $5,550. At this point, the wave c = 0.618 * a and it is likely that buyers will not be able to fix above this price. However, if buyers are able to do this, the next target is $5,800, but we think that under such a scenario, the price will slowly and sluggishly move towards this target within the blue channel:
If you look at the monthly timeframe, we notice an interesting situation:
Pay attention to the volumes in February and April. At practically identical volumes, the April candle is three times greater than the February candle. Such volumes do not inspire the hope that buyers have enough strength to continue their growth and our main scenario remains unchanged. We continue to expect movement in the blue channel with the ultimate target $4,200-4,300. Critical points also remain unchanged:
For buyers – $5,000-5,050.
For sellers – $5,600-5,700.
We wish you a successful financial week and look forward to clarifying the situation.
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market. Image Courtesy: Bitcoin News
The post BitcoinNews.com Bitcoin Market Analysis 29th April 2019 appeared first on BitcoinNews.com.
29th April 2019, San Francisco, USA – Bittrex International announced a BTM Airdrop promotion with Bytom for eligible Bittrex International BTM holders. 80,000 Bytom (BTM) tokens will be distributed as a one-time airdrop to Bittrex International Bytom (BTM) holders.
Eligible users must hold more than 100 BTM to receive the airdrop tokens. 80,000 BTMtokens will be distributed in proportion with the amount of BTM each user has in their Bittrex International account. Snapshot of Bittrex International account balance will occur on May 6, 2019 at 12:00 PM, PDT.
Bytom public blockchain is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and so forth) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
Bytom endeavors to bridge the atomic world and the byte world, promoting the interaction of assets between the two worlds, with the mission of creating diverse assets and a programmable economy. Bytom(BTM) was listed on Bittrex International in January 2019.
On April 24th, 2018, the mainnet of Bytom was launched. Since then the team has achieved much progress in both technology improvement and blockchain application. Multiple smart contract templates and a sidechain called Vapor have been released.
Bytom launched a series of development challenges and bounty tasks in the past year. The cooperation with SeaRates to adopt BTM as global shipment payment simplifies the international trade. Bytom also works with Baoquan website to upload important information to Bytom blockchain, which ensures the immutability of data and paves the way for application in rights protection.
To celebrate the one-year anniversary of Bytom’s mainnet launch, Bytom launches an AMA event on Reddit. Anyone can ask questions to Bytom team from April 24 to April 29 PDT and these questions will be answered on April 30. A prize pool of 5,000 BTM tokens will be distributed to selected AMA participants.
Learn more about BYTOM – https://bytom.io/
Join the Global Dev competition – https://bytom.io/developers_en/
Read the BYTOM Whitepaper – https://bytom.io/wp-content/themes/freddo/book/BytomWhitePaperV1.1_En.pdf
Connect on Facebook – https://www.facebook.com/bytomofficial/
Chat on Telegram – https://t.me/BytomInternational
Reddit – https://www.reddit.com/r/BytomBlockchain/
Read about BYTOM on Twitter – https://twitter.com/Bytom_Official
Join on Discord – https://discordapp.com/invite/U3RSYr5
Medium – https://medium.com/@Bytom_Official
Media Contact
Name: Yi Ren
Email: reny@bytom.io
Bytom is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.
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