Mar 30, 2020
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Bitcoin Price and Technical Market Analysis March 30th, 2020

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Bitcoin Price and Technical Market Analysis March 30th, 2020

  • Sellers failed to fix below $6600 and their local attack ended.
  • Keeping the range $6300-6400, the next sellers’ target is $5515.
  • The maximum Bitcoin price growth we forecast not above the range $6600-6830.

Yesterday’s trading day in Bitcoin market can be divided into two phases: passive trading during the day in the range $6070-6150 and a sharp breakthrough of $6000. In the previous analysis, we wrote that we continue to expect a decrease of Bitcoin price and our target is the mark $5844. As we can see in the chart, sellers had not enough strength to test our target and they stopped at $5880.

Quite sharply, buyers were able to return the price to the critical range $6300-6400, from which we continue to expect a new falling impulse with the first target $5515. If we look at the volumes, we see that since 28 March, active sales volumes have fallen significantly. It is evidenced by the repeated attempt of breakthrough of $6000, which only for the third time was successful. In our opinion, it indicates a certain weakness of sellers in this range.

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