Join the BitcoinNews Telegram channel for daily updates >>LINK

Bitcoin Price and Technical Market Analysis March 6th, 2020

Support free writers: > send a tip

written by

  • Buyers are trying to test of the range $9050-9350 for the second time.
  • Closing the weekly candle below $9350 buyers will give a chance to continue the fall of Bitcoin price with the final target $7300.
  • Locally, buyers will try to continue growing to $9233 to complete the formation of the last correction wave (C).

On 6 March Bitcoin trading day passed in an attempt to fix above the price range $9050-9350. Today, buyers have been able to update the local high by raising Bitcoin price to the mark $9200. Yesterday’s daily candle closed below $9050-9350. Today, considering a narrow 2% price range, buyers are at risk of closing the daily candle below $9050. It will show some weakening and a smooth transition of initiative to sellers.

Therefore, we believe that tomorrow’s trading should show whether buyers can aggressively continue their growth trend. Or whether tomorrow will be another confirmation of the change in local trend. Looking at whole picture, buyers are now finishing the correction of the previous impulse. Soon, we will expect a new impulse with a final target $7330.

At the 4-hour timeframe, we see that it is difficult for buyers to update the local high with the same aggression as they did before colliding with the range $9050-9350:

Bitcoin Price and Technical Market Analysis March 6th, 2020

Thus, in Bitcoin market a blue wedge begins to form, in which buyers having exhausted, must give the initiative to sellers. The critical point for the current local buyers trend is at $8890. After fixing below it, the fall impulse correction from 24 February will be considered complete.

If we pay attention to trading volumes, they confirm our scenario of current growth – as a correction. If buyers manage to fix above $9350, we will review our main scenario.

For the second day, the marginal positions of buyers are trying to increase, but so far it does not seem significant in whole picture:

Bitcoin Price and Technical Market Analysis March 6th, 2020

Sellers saw today’s Bitcoin price growth as a chance to increase their margins:

Bitcoin Price and Technical Market Analysis March 6th, 2020

According to the wave analysis in Bitcoin market, buyers almost failed to form a wave (C) identical in length to wave (A):

Bitcoin Price and Technical Market Analysis March 6th, 2020

Therefore, there is a high probability that buyers will do another attemp to test $9233, after which sellers take the initiative into their own hands.

Looking at the weekly timeframe, sellers are trying to turn Bitcoin price back into the falling channel from which buyers were able to escape in January 2020:

Bitcoin Price and Technical Market Analysis March 6th, 2020

If the weekly candle closes below $9350, the probability of back to the falling channel is quite high. Let’s see if buyers can drastically change the situation in two days, because during the working week they failed. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow on Twitter: @bitcoinnewscom
Telegram Alerts from

Image Courtesy: TradingView

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


The Tragedy of Fiat Money

Over the course of the last 18 years, the European Central Bank (ECB) printed new currency, multiplying money supply by more than 5 times, bringing it to 1308 billion. Here we discuss whether or not the central bank’s actions could be considered a robbery.

Read More »


Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter


This Month on Bitcoin News

Press Releases

Bitcoin News Archive

Support Bitcoin News - Explore Our Shop: