BitcoinNews Bitcoin Market Analysis: $9600 is Broken. Will Buyers be Able to Keep $9000?

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Bitcoin Market Analysis $9600 is Broken

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Bitcoin Market Analysis 27 July 2019

Today is quite an eventful and spicy day. If you look at the trajectory of Bitcoin price movement, today’s phrase will definitely be “Do not have the strength to fight – don’t fight.” If you remind yourself of the price movement on 26 July, then you can entertain the calm and passivity of the market participants. Since the price was moving in the range of 2.5%, but the real operating range did not exceed 1.5%: Bitcoin Market Analysis

Exactly at the first hour of a new day candle, buyers breaking the 2.5% consolidation could raise the price to a mark of USD 10,200. It could be a good signal for buyers to continue growth. However, at this price passes the upper limit of consolidation. In which buyers and sellers are playing ping pong from 24 July: Bitcoin Market Analysis

Therefore, the sharp movement within the consolidation is not an important signal of a change in the market situation, which is confirmed on the chart. Buyers made a sharp move and so they were not able to continue the fight at a critical point. Sellers took the initiative and broke the bottom line of consolidation, and now are trying to fix below.

In the previous analysis, we wrote about the danger of breaking the price mark of USD 9600 and the next stop at USD 9200. If sellers increase the rate of fall, then the critical point for buyers will be USD 9000. On a daily timeframe, we see that at this price passes the lower trend line of the black channel and the previous local high since 30 May: Bitcoin Market Analysis

If Bitcoin sellers test this mark on small volumes, such as now, then the price may range from USD 9000-9400 to the end of July.

If we analyze the marginal positions of Bitcoin buyers, we can see that during a sharp increase in prices, buyers closed their positions and during a sharp fall began to increase them: Bitcoin Market Analysis

Although, in recent hours, sellers are actively increasing positions. What is obvious, is that the critical point of USD 9600 is broken and at the moment, sellers are stronger: Bitcoin Market Analysis

According to the wave analysis, the last correction wave (C) is formed now, which at a price of USD 8500 can complete the fall cycle. Bitcoin Market Analysis

It is not too deep correction, which suggests that the minimum target of USD 9200 is inevitable. On the horizon appears the target USD 8500, where buyers will have a chance to change the situation drastically. But for the beginning, we will see how sellers will cope with the price mark USD 9000: Bitcoin Market Analysis

So far, the trading volumes this week are quite small, but we know well how the situation can change in one day. So, we look forward to tomorrow’s weekly Bitcoin analysis and weekly forecast. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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