Bitcoin Price analysis: 3/21/2016

Which direction will Bitcoin’s price choose?

Bitcoin’s movement

After its downward trend, Bitcoin’s price stopped on March 17th-18th and a rebound started forming.

This is only natural, some traders are closing their positions at the lowest points, while the buyers who expect a new upward trend, are buying bitcoins at the most profitable price.

However, that price is also the most risky. There are no specific signs of a buyer’s advantage in a situation like this, and such signs are important for stable profits.

That’s why the trend will most likely change at the $412 resistance. This price is profitable for the buyers and if Bitcoin’s price holds at that level and starts forming an upward trend, it will indicate their strength.

If that is the case, there is a good chance that an upward trend will form with the minimal target of $416-17.

The probability of a downward trend depends on how Bitcoin’s price behaves at the level of $406.1. If the buyers are in the minority and the BTCUSD price holds at that level, then the minimal target for the formed downward trend will be $403.

Until either the buyers or the sellers hold the advantage, Bitcoin’s price will stay between the levels of $417 and $406.1 (BITFINEX).