Mar 29, 2020
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Bitcoin Price and Technical Market Analysis March 29th, 2020

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  • Bitcoin price stopped in the range $6000-6300.
  • After breaking through $6000, the probable point of a local reversal is $5844.
  • Continuation of the fall is possible after the test of the range $6300-6430.

Yesterday’s trading day on Bitcoin market was at temporary price stop in the range $6000-6300. After a sharp fall of Bitcoin price from $6830, buyers are able to slow down its aggressive down movement. However, looking at the depth of the correction of the previous fall wave, in the current range, buyers are not feeling strong.

Therefore, the continuation of the fall wave to approximately the lower limit of global consolidation $5700-6830 is quite real. At the 4-hour timeframe, we see a situation where sellers were trying to break through $6000. As a result, a large pin down which should be signal for a local price reversal, was formed. However, the next 4-hour candle closed extremely passively and on catastrophically small volumes. It indicates that it was not a counterattack but a passive defense. This type of situation usually leads to a passive but confident price lowering with a break of a key local level.

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