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Coince - Bitcoin Investment Solution
Coince - Bitcoin Investment Solution

Bitcoin Buyers’ Mood Could Create a New Upward Trend

The buyers’ advantage has shown itself. A strong break through the resistance level of $409 has displayed Bitcoin buyers’ strength.

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Bitcoin Buyers’ Mood Could Create a New Upward Trend

http://cointelegraph.com/bitcoin-price-indexThe buyers’ advantage has shown itself, but the medium-term trend isn’t yet broken, for one to consider buying.

A strong break through the resistance level of $409 has displayed Bitcoin buyers’ strength.

This is a good signal for a start of a short-term growth trend, and a confirmation of this trend will be when it then fortifies at this level; that’s why a recoil happened.

All of this hasn’t indicated the total absence of significant force from the sellers though.

Bitcoin price chart

However, closer to the level of $415, the advantage was taken by those who expect a decline. The impossibility of a fortification at the $415 resistance level has led to a return to the $409 mark. The trend structure has been broken.

Bitcoin price chart

Further predictions of the Bitcoin price

Two levels of $415 and $409 are important for further predictions.

The traders’ reaction at these levels will determine further movement of the BTC/USD price.

By breaking through the $415 level and fortifying there, the market will make way for a short-term upward trend. This trend will have a chance to grow into a larger one and head further toward $445.

The most important thing here is to watch the third wave’s structure closely.

Bitcoin price chart

In the eventually that Bitcoin’s price fails to hold its position at the $415 mark, there will be a good possibility of a return to $409.

Bitcoin price chart

For the medium-term downward trend to continue, the price has to at least overcome the $409 resistance, because that is the most profitable price for the buyers, and if they are more numerous, the turn to decline is not to be expected.

Bitcoin price chart

In a different scenario, the Bitcoin price has to fortify at $409 in order to turn downward.

Bitcoin price chart

However, it would not be very sensible to talk about a decline yet. The reaction to the important resistances of $415 and $409 will show the further direction. As a result of that, it’s reasonable to wait until the price reaches either one of those levels, in order to make favorable trading decisions.

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