Buyers were able to pass the local mark $8520 and continue moving to the target $9050-9350.
In two days, buyers raised Bitcoin price by 6%, again moving beyond the global trend line of the falling channel.
Buyers will not be able to pass $9080 without increased trading volumes.
The new trading week in Bitcoin market started positively for buyers. After an unsuccessful attempt to update the local low on 25 January, buyers managed to raise Bitcoin price by 6% without correction within 2 days. In the previous analysis, we wrote about two local critical points, one of which was $8520. The 4-hour timeframe clearly shows how easy it was for buyers to capture this mark. Therefore, we do not see an obstacle to continued growth to $9050-9350, where buyers will need serious efforts to continue their growth.
Analyzing the trading volumes, we found that there are no big sellers in this Bitcoin price range. Returning to the 4-hour timeframe, we see that trading volumes are not higher and look like average.
If you look closer, you can see on the hourly timeframe that the increased volumes occur only at local critical points:
After passing these points, buyers continue to grow without problems.
Daily timeframe shows that buyers have again raised the price above the black trend line of the global falling channel:
Good news for buyers, though the fact that Bitcoin price is below $9050-9350 does not give us the certainty of completing the down trend.
And it seems that we are not the only ones who are uncertain. On the chart of marginal positions of buyers, the dynamics of movement fades:
So, buyers are not trying to increase their marginal positions, they are not motivated by the price increase.
Sellers are gradually increasing their marginal positions. But compared to previous candles, sellers’ efforts may be crossed by a single red candle:
According to the wave analysis, the growth in Bitcoin market since 18 December continues and sellers managed to correct the wave (c) by only 38.2%:
Given the rather weak correction of sellers, buyers can continue their growth much more aggressively. However, given the trading volume and the first critical point $9080, it is too early to set global targets:
Nevertheless, let’s see if sellers want to fight to $9050-9350, slowing down the growth. Or whether the real fight is already taking place directly in the yellow range. See you at tomorrow’s Bitcoin market analysis!
Image Courtesy: TradingView
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