Bitcoin Technical Market Analysis 22nd August 2019

Bitcoin Technical Market Analysis 22nd August 2019

The situation from the previous Bitcoin analysis has not changed significantly. However, sellers have already made two attempts to break through the local critical point $9,900 for 24 hours. Just a reminder, that just after a false breakthrough of this price mark, buyers began their lazy but certain attack with a final target of $11,000.

As we approach the price mark, we see the volumes increase, but this time the volumes are smaller than during the previous attack of this price. If we analyze the situation on the hourly timeframe, we see that buyers have a chance of a local attack. The last local low was set near the previous one, and in terms of volume, it looked rather sluggish. Therefore, the probability of continued consolidation today and the test of $10,200 remains high:

Finally, the changes have appeared on the chart of buyer marginal positions. After a long consolidation, Bitcoin sellers today closed a large part of their positions, thus showing the direction of their mood:

According to the chart of Bitcoin seller marginal positions, we see that the seller depression is not going through. They continue to close their positions and do not believe in a continuation of a price fall:

Maybe, after breaking through and fixing on the price mark $10,900, they will come with confidence and good humor.

Today is an important day for determining the price movement. On the daily timeframe, we see that the price has now stopped at a critical point. If the daytime candle closes today with a large pin, then consolidation can continue not only to $10,200 but also with the final target $11,000:

According to the wave analysis, the formation of the wave (Y) stopped at 38.2% level and there is a fight now. If sellers capture this level, the next target is $9,250. This target will be a severe test, as twice buyers have kept the purple price zone on the daily timeframe and should they give up this zone to sellers, $7,500 will become a very real target:

Therefore, we hope that tomorrow, after analyzing the trading of today, the picture will be clearer and we will be able to reject the less likely scenarios. And now, let’s watch the fight! is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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Charts Courtesy: TradingView

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