Bitcoin Price and Technical Market Analysis April 16th, 2020

Bitcoin Price and Technical Market Analysis April 16th, 2020
  • Buyers managed to keep $6600 and start a counterattack.
  • Keeping $9000, the next target of buyers is $7300-7400.
  • Alternative scenario is the fall to $6170.

Yesterday’s trading day on Bitcoin market ended with an attempt of buyers to go beyond the 5-day consolidation and test of $6620. In fact, yesterday, sellers were trying to confidently and methodically lower Bitcoin price to break the bottom line of consolidation. The fall looked good, but compared to the impulse on 13 April, sellers behaved too calmly. There was a large amount of liquidity in the form of buyers’ orders in the range $6400-6800.

If you look at the hourly timeframe, you can see that sellers have been lazily trying to satisfy the limit needs of buyers. And if the try was unsuccessful, they allow buyers to counterattack:

Bitcoin Price and Technical Market Analysis April 16th, 2020

In the end, sellers were unable to fix below $6000 and the volumes immediately showed that the pressure had stopped. Taking a chance, buyers for two hours went this way of Bitcoin price, which sellers passed throughout the day. The fact is that large limit orders of sellers were not set. In addition, many sellers opened their marginal positions, expecting a fall. That’s why the sharp growth of the price on Bitcoin market triggered their stop orders:

Bitcoin Price and Technical Market Analysis April 16th, 2020

As we can see in recent hours, sellers are actively closing their marginal positions, and buyers are also actively increasing them.

Even so, Bitcoin price continues to be in the local falling trend. Now, after such rapid growth, it is important for buyers to also keep the price mark $9000. In this case, from this local base we can continue to grow to the range $7300-7400.

According to the wave analysis on Bitcoin market, our scenario is still working well:

Bitcoin Price and Technical Market Analysis April 16th, 2020

However, the price did not reach our targets and now we are waiting for the situation near the critical point $7070. If buyers are unable to fix above this mark, then sellers will start a new wave of fall to $6170. We look forward to the end of today’s hot day and meet you tomorrow on a daily analysis of Bitcoin price movement.

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