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0:00:00 Bitcoin Technical Market Analysis 4th September 2019
0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “BitcoinNews.com”.
0:00:11 Even a short break can do wonders and inspire us to new things.
0:00:15 The rest day of Bitcoin buyers was great, but most importantly productive.
0:00:20 After an unexpectedly easy breakthrough of the price range $10,350-10,500 today, buyers took a break.
0:00:29 In such a way allowing sellers to show what they were capable of.
0:00:32 As we can see on the hourly timeframe, after the stop of buyers’ initiative, a fall channel was formed.
0:00:38 There the price was moving less aggressively than during the growth.
0:00:42 Also pay attention on falling sellers volumes.
0:00:45 With each subsequent test of the price range $10,350-10,500, volumes were constantly decreasing.
0:00:54 It proves the exhaustion of Bitcoin sellers.
0:00:57 All 18-hour fall sellers denied with two candles on the hourly timeframe.
0:01:02 At the moment the price went beyond the local falling channel.
0:01:05 In any case, buyers continue to take the initiative.
0:01:08 And the test of $11,000 continues to grow to the upper blue line of the falling channel.
0:01:14 Inasmuch as sellers have failed to break through the red trend line which supports buyers, the scenario of continuation of price movement in the created triangle is quite realistic.
0:01:24 In this scenario, we should wait for consolidation throughout September and October.
0:01:29 Confirmation of this scenario will be if sellers keep the price in the range of $11,200-11,500. We continue to follow the attack of buyers and will discuss with you the details tomorrow on a new Bitcoin price analysis.
0:01:43 BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics.
0:01:49 For more information please read our Editorial Policy here.
0:01:53 Thanks for checking out this video!
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