Bitcoin Technical Market Analysis 9th November 2019

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Bitcoin’s working week ended with a confident daily candle from sellers which was able to break through the price mark USD 9100-9300. It is the main price zone, where the fight continues for 12 days. Looking at the daily timeframe, it becomes clear that the buyers started a fight. But they were unable to conquer this price zone, which is of great importance on the Bitcoin chart.

After the test of USD 13700, the price repelled from the range of USD 9100-9300 several times. In such a way, buyers got a new chance to continue their growth. Therefore, after sellers regained control of this price zone, the initiative moved to them and still remains. Despite buyers’ latest attempt to change the situation.

Yesterday’s confident daily candle indicates that the fall continuation to USD 8500 is quite possible. Thus, our main scenario, based on which we formulate the previous analyzes, becomes true. We will carefully analyze the price mark whether sellers have enough strength to continue to fall below and move towards the lower trend line of the blue falling channel.

On the 4-hour timeframe, we see that during the breakthrough of USD 9100, the volumes increased. But these were not anomalous volumes:

Bitcoin Technical Market Analysis 9th November 2019

These volumes are more like consolidations. However, they have had enough to break the consolidation. So far, buyers have no confidence that the situation is likely to change drastically.

As you can see, after the test of USD 8690 there was not a deep counter-attack from buyers, so it is another fact of the fall continuation.

Yesterday, the marginal positions of buyers closed sharply and covered three previous candles, where buyers increased their positions:

Bitcoin Technical Market Analysis 9th November 2019

However, it does not yet look like a panic, and we think that during the breakdown of USD 8500, the price can fall sharply. So far, most buyers still believe in growth.

Sellers did not respond to yesterday’s fall. They continue to wait on historical lows:

Bitcoin Technical Market Analysis 9th November 2019

According to the wave analysis, we can see that the wave (c) at the moment = 0.618 * (a):

Bitcoin Technical Market Analysis 9th November 2019

The formation of the wave is not complete until sellers control USD 9100. The next targets of the fall continuation are USD 8500 and USD 8165.

Let’s see what sellers can do by the end of the week and how the weekly candle will close. See you on Sunday’s Bitcoin price analysis!

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