Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis (Week of March 20th)
MagazinePublishedMar 20, 2016
The plateaued movement of Bitcoin’s price can’t keep up for long. What outcome is to be expected for BTC/USD this week, and how should one go about catching the trend?
The plateaued movement of Bitcoin’s price can’t keep up for long. What outcome is to be expected for BTC/USD this week, and how should one go about catching the trend?
The BTC/USD price has been staying between the two weekly resistance lines for the past week. This indicates an almost even distribution of power between the Bears and Bulls.
However, at the end of the week, the sellers had the advantage. The buyers didn’t even have enough strength to break through the level of $422.
A powerful downward movement has reached the key level of $409 and stopped.
The possibility of a weekly downward trend has presented itself. A final confirmation of that would be a fortification at the level of $409 and a new strong, downward push.
For an upward trend to appear the key resistance of $422 is criticalt. So far, the buyers were unable to hold it, but if they do the next time the price hits it, the BTC/USD price is likely to form an upward trend.
The longer the flat (or sideway movement) continues, the more powerful the following trend will be. The way the price behaves at either $409 or $422 will indicate the further movement of the BTC/USD price.
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