http://cointelegraph.com/bitcoin-price-indexThe Bitcoin price is undergoing a correction within a downward trend. It’s approaching a point where it will decide between a continuation of the downward momentum, or an upswing.
The downward trend has nott been broken yet. The current growth is just a rebound towards the medium-term downward direction.
The BTCUSD price did not reach the medium-term resistance level of $417 and has formed a new key level at $409.
This is why there are two resistance levels at the $409 mark - those of short- and medium-term trends. This is the most profitable point for sellers, both within the midday trend with a minimal target of $390-93, and within the medium-term downward trend with a following target of $380.
The Bitcoin buyers will have an advantag if the trend will fortify on this level and continue going upwards. This movement will have potential to grow into a larger rising trend until the mark of $445, provided its structure remains intact.
A more conservative point for selling within the downward trend will be a break through and fortification at the level of $402.
This point may be where price recoils, which will indicate the Bulls’ strength. The $402 resistance is also the most profitable for short-term buying.
The principal trend is currently headed downward. Midday direction is overall vague, with the price fluctuating between $402 and $409. A break through and fortification on either of these levels will indicate the further direction. But before that happens, there will be a sideway movement between these two points.