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Bitcoin Price and Technical Market Analysis May 9th, 2020

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Bitcoin Price and Technical Market Analysis May 9th, 2020

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  • Buyers have not been able to fix below $10,000.
  • The local counterattack of the mark $9760 looks weak.
  • The final point of growth $10,500 remains valid.

Yesterday’s trading day on Bitcoin market was calm and consolidating. Buyers managed to lower Bitcoin price by 2%, closing it at the mark $9792. Yesterday’s trading volumes were 2/3 of the volumes on 7 April. However, if you compare daily candles, it becomes clear that buyers do not yet give their positions and do not allow sellers to counterattack. Market sales outperformed market purchases by only 10%. So far, buyers are showing interest in continuing to buy Bitcoin even at local highs. And sellers are reluctant to start correction from this price range.

Looking at the hourly timeframe, we see that mostly buyers dominated yesterday. They tried to break the local range $9920-10,000:

Bitcoin Price and Technical Market Analysis May 9th, 2020

After the second unsuccessful attempt, sellers felt the weakness of buyers and began an attempt of their own attack. As you can see on the chart, the consolidation is in the range $9760-10,000, where a considerable amount of volume has accumulated. And today in Bitcoin market the consolidation is likely to be continued. Given that, so far we do not see the prerequisites for breaking $9760 and falling in the range $9200-9400.

First of all, testing the critical range, sellers do not want to increase the volumes, which is perfectly visible at the 3-hour timeframe:

Bitcoin Price and Technical Market Analysis May 9th, 2020

As we can see, the second attack by sellers of the mark $9760 is on smaller volumes. So, the continuation of identical behavior of sellers will lead to a re-test by buyers of Bitcoin price $10,000.

If we pay attention where the limit orders of market participants are, we will see the interest of sellers in the range $10,000-10,100, and buyers in $9500-9600. Therefore, we do not rule out that the correction of growth in the form of consolidation may expand into a larger range.

BTC’s dominance in the crypto market fell by almost 1% yesterday, starting from the trend line, which we wrote about in the previous analysis:

Bitcoin Price and Technical Market Analysis May 9th, 2020

While Bitcoin is in consolidation other coins start to grow, catching up it. Given the fact that the dominance of Bitcoin has remained at the level and other coins are increasing their influence in the crypto market – buyers of Bitcoin are starting to buy other coins. This fact continues to create an imbalance in Bitcoin market and the probability of a sharp price reversal. So let’s see whether sellers have prepared a surprise for the weekend. We will meet tomorrow on a daily analysis of Bitcoin price movements. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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