Well, after two weeks of active fight near the key price zone of $112-115, buyers managed to break through and fix above this zone and even continue growth. Despite the signals of the weakness of buyers, which we wrote about in the past analysis and which are still visible in the weekly timeframe, today, on the first day of the new week, on increased volumes, buyers continued to increase prices growth by upgrading previous local high:
Pay attention that Bitcoin is not far from its falling channel, to say nothing of updating the local high. So, we can talk about the interest in this coin.
I would like to draw attention to the situation before today’s growth. After a new breakthrough on the price zone of $112-115, sellers tried to back the price below this zone for 2 attempts. The first attempt was on increased volumes and ended in a flawed breakdown. The next attempt was already without any volume. And only after that, when buyers understood the weakness of sellers, the growth started at $112 for 1 hour:
The mood of buyers has improved significantly with the beginning of the new week. This is clearly visible in their marginal positions:
Sellers also increased their marginal positions, but it does not look so cheerful and confident:
If we analyze the pair of LTC-BTC, then we see that the price of the coin is growing. It is likely that investors who own Bitcoin with it help buy Litecoin to reduce the risk of losses, because they see that this coin is greatly growing:
Since sellers were not able to start correction after 5 waves of growth, we conclude that in fact, the 3rd wave of growth is still ongoing, which has not yet completed its formation:
If we consider that the wave (3) began in February 2019, then we drew the price channel and saw that now the price moves between the lower trend and the middle line of the channel. In the price of $138, a wave of growth that began in February 2019 will be equal to the waves from 29 April:
However, the prospect of growth is up to $180. Buyers have significantly changed the situation on the market. If, by the end of the week there will be nothing abnormal from the sellers and a price zone of $112-115 will remain under the control of buyers, then the forecast will be enjoyable for investors of this coin!
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market. Image Courtesy: Bitcoin News