News: Bitcoin Technical Market Analysis 1st August 2019

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0:00:00 Bitcoin Technical Market Analysis 1st August 2019

0:00:04 This update is brought to you by "CoinCheckup News Updates" and was originally published on "".

0:00:11 It’s great when the opportunities presented are eventually realized.

0:00:15 A good example of this is on the chart of Bitcoin where buyers were able to locally change the trend of sellers, fixing themselves over the price range of $9,600-9,670. In the previous analysis, we wrote about the likelihood of growth continuation to $10,200-10,400, which worked out.

0:00:36 After fixing above the blue trend line which sellers kept from 10 July, buyers at least moved into the new trading range with an upper limit of $11,100. The middle of consolidation is just where the price is now: $10,100. Why do we think market consolidation will continue?

0:00:54 Simply because the price range has changed.

0:00:57 Again, the volumes are too small to say that buyers have gained strength and are confidently stepping up to the high updating.

0:01:03 At that time, volumes were much higher, but buyers were unable to break through the blue trend line.

0:01:09 It is because there was no accumulation period in the form of consolidation.

0:01:13 As a rule, without such a period, strong movements do not begin, and if they begin, they end with an identical sharp fall.

0:01:20 Comparing today’s volumes, we can see that now buyers are in energy-saving mode.

0:01:25 They have changed the market situation locally for their own benefit.

0:01:29 After breaking through the price range of $9,600-9,670, buyers did not actively increase their positions, which confirms the fact of their “energy-saving mode”.

0:01:40 To continue aggressive growth, it is advisable for buyers to keep the price not even in the price range of $9,600-9,670, but rather at the price of $9,860. Let’s see if there will be enough power for passive buyers to cope with $10,100-10,400 tomorrow and whether sellers will wake up.

0:02:02 See you in the next Bitcoin analysis!

0:02:05 Thanks for watching this video!
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