Weekly bitcoin price analysis based on traders behaviour

Bitcoin is a native coin of the Bitcoin network created by satoshi nakamoto and whose transaction takes place from one peer Bitcoin address to another thus making it a decentralized asset. Bitcoin uses a proof of work consensus . Because of this, the miners are the one who uses their computing power to secure the Bitcoin network as well as to validate any transaction taking place on the Bitcoin network. On Monday the 30th of March 2020, one Bitcoin started trading at around $5920. By Tuesday the same week, the price had managed to go as high as $6600. This rise in price is due to Bitcoin traders behaviour which can further be explained as follows;

Traders behaviour

Bitcoin is well tradeable due to its huge community. This makes it to be able to be traded in both upwards and in a downwards direction by different traders and still be able to profit.

Therefore, we can say that when the Bitcoin market is moving in an upwards direction, that will be an indication that the market is oversold while when the market is moving downwards, that will be an indication that the market is overbought. Since the market has shown a possibility of bullish, the upwards and downwards movement due to traders behaviour on weekly basis is further explained as follows

1. Weekly bullish Bitcoin price analysis based on traders behaviour

In a bullish market, the Bitcoin market will be moving in an upwards direction . On Monday the 30th of March, one Bitcoin started trading at around $5920. By Tuesday the same week, the price had risen all the way to around $6600. This increase in price has been as result of the number of the number of sellers exceeding the number of Bitcoin buyers. This makes the Bitcoin market to move upwards to around $6600 as stated earlier. This market movement for Bitcoin is indicated as from the candlesticks chart below;

The above is the Bitcoin market in terms of USDT. Two points are being indicated . There is point A and point B. Before point A, the Bitcoin market can be seen to be moving in an upwards direction all the way to around $6600. At around $6600, more number of buyers started to enter the market with the hope that the market will continue moving upwards. This makes the buyers to exceed the sellers thus causing the market to shortly resist moving upwards and shortly moves downward to point A at around $6400. At point A, more sellers again started to sell their Bitcoin thinking that the market will continue moving downwards thus causing their account to devalue. This makes the number of sellers to again exceeds the number of buyers thus causing the Bitcoin market to gain an upward market pressure again and moves upward to point B at around $6500. If sellers will continue to exceed buyers, the Bitcoin market will continue moving upwards until Sunday. The market can move all the way to around $7500 by Sunday after which it will start moving downwards. As a Bitcoin investor or trader, this is the right time to buy Bitcoin and hold until it reaches $7500. Can buy at current market price of around $6400.

Summary

Bitcoin is a native coin of Bitcoin network created by satoshi nakamoto and can be transfered from one Bitcoin address to another without involvement of a third party. On Monday, one Bitcoin started trading at around $5920 but the price rises to $6600 by Tuesday. The increase in price was due to sellers being more than buyers . Therefore, we can say that when buyers are more than sellers, the market moves downward and vice versa. The market for Bitcoin can move upwards the whole week to around $7500. This is the right time to buy and hold

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