Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis: 3/24/2016
MagazinePublishedMar 24, 2016
The minimal target of the upward trend has been reached. Bitcoin’s price is in rebound before a new push.
The minimal target of the upward trend has been reached. Bitcoin’s price is in rebound before a new push.
What direction will Bitcoin choose?
The upward trend didn’t follow through, but despite that, Bitcoin’s price has still reached its nearest target. The level of $418-19 was a peak of a bearish rebound within a larger scale trend.
Movements like these are usually followed by a rebound towards the larger structure, which in our case has started at $403. The peak of that rebound is going to be around $410.5, where Bitcoin’s price may suddenly stop and pick a direction.
That’s why for a full-scale turnabout to happen, the price has to break through the $410.5 line, because that’s the most likely point for buyers to make their move. Then the price has to hold at that level and form a turn. If that happens, the next target will be $404.5.
For the upward trend to continue, Bitcoin’s price has to enter a zone, which is profitable for bulls, and fortify there. That’s the level of $418.6. In case of a well-formed turnabout, Bitcoin’s price will be able to reach $423.5.
The key resistance lines, which are the most likely ones for a change of trend, are $410.5 and $418.6. One should take these levels into account when deciding upon long-term positions.
Subscribe to daily byte-sized crypto news from Cointelegraph
Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Some articles contain affiliate links, from which Cointelegraph may earn a commission. These relationships do not influence which products we review or our editorial conclusions. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.
More on the subject
