Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis: 3/29/2016
MagazinePublishedMar 29, 2016
Bitcoin’s price is in a rebound after a powerful upward trend. When is the continuation of the trend to be expected?
Bitcoin’s price is in a rebound after a powerful upward trend. When is the continuation of the trend to be expected?
Will the rebound grow into a turn?
A new wave within the trend didn’t happen and Bitcoin’s price is in a rebound toward the larger upward trend.
This downward movement is quite likely to grow into a turn and a more or less powerful downward impulse.
Everything depends on which side of the market will take the advantage.
If Bitcoin’s price holds at the level of $418, it can force the Bulls to start closing their positions, which can lead to the downward trend, with the closest target of $406.
For the upward trend to continue, Bitcoin’s price has to hold at a level profitable for the Bears, which is $425.8.
If the buyers hold the advantage at that level, there will be a chance of the price moving toward $430.
Thus, the most likely key level where the trend will either continue going up, or turn to decline, is at the $418 mark. The turnabout point for a downward trend is the level of $425.8.
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