Bitcoin Price and Technical Market Analysis March 24th, 2020

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Bitcoin Price and Technical Market Analysis March 24th, 2020

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  • Buyers managed to close daily candle above $6340.
  • Updating the local high $6929, buyers will open the way to $7550.
  • The latest sellers’ protection is at the mark $6830.

Yesterday’s trading day on Bitcoin market was in the mode of price growing with a local high $6664. During the day, buyers managed to fix confidently above Bitcoin price $6340 we wrote about in the previous scenario. Thereby, they significantly increased the probability of an optimistic scenario. Buyers on high volumes with the help of one 4-hour candle were able to pass the range from $6700 to $6650. All the subsequent time, including today, the price passively but confidently moves in the direction of the previous local high. As for sellers, they behave quite amorphously, slowing growth near key levels.

Buyers have been raising Bitcoin price since yesterday and they still do not allow sellers to organize correction. If you look at the volumes, there is a noticeable increase in the range $5700-5770. As a result, a liquid zone was formed, which the horizontal volumes profile confirms us:

Bitcoin Price and Technical Market Analysis March 24th, 2020

The current price level is a tipping point, since breaking this range buyers will open the way to $7500. Otherwise, we will be waiting for a powerful fall wave with the first local stop at $6200 and continuation to $5350.

On a daily timeframe, we see that yesterday’s candle absorbed a neighbor one. In case today’s candle closes above $6930, growth in Bitcoin market will continue:

Marginal positions of both buyers and sellers are decreasing today.

Bitcoin Price and Technical Market Analysis March 24th, 2020

However, if sellers systematically close marginal positions during Bitcoin price growth, then buyers begin to do so on the way to the previous local high.

Bitcoin Price and Technical Market Analysis March 24th, 2020

According to the wave analysis, buyers were able to significantly shift the probability in their direction. However, the last bastion of sellers has not yet collapsed. The main scenario of the price reversal and the beginning of a new fall wave with a target $6620:

Bitcoin Price and Technical Market Analysis March 24th, 2020

As we see in our main scenario in Bitcoin market, the wave (Y) is being formed now, which consists of 5 smaller waves. Fixing above $6830, buyers will finally break the current scenario and continue to form their first global growth wave with a final target $7550.

Therefore, we expect the closing of today’s daily candle. Tomorrow, we will see if buyers can finally change the situation on Bitcoin market and test the global target $7550.

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