Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorThe Bitcoin Price has Approached an Important Weekly Support Line
MagazinePublishedFeb 29, 2016
Bitcoin, after bouncing off the weekly support level, has kept its growth trend. But one can’t really say that this movement is certain.
After bouncing off the weekly support level Bitcoin has maintained its positive trend. But one can’t really say that this movement is certain. This doubt is largely caused by the vagueness tied to the current weekly trend.
Over the weekend, Bitcoin’s price has been very active. As was previously anticipated, two scenarios have sprung to life on Friday, February 26th.
First, there was a breakthrough of the key level at $427 USD.
The price largely fortified at this point, but there was some additional growth momentum until $438. However, since it did not reach the important level of $445-$450 the trend was broken and the probability of the rally’s continuation dropped significantly as Bitcoin’s price suffered a pull-back.
The first scenario (the break through the $427 resistance level) happened right after the return of the BTC/USD rate. Since then the price has fortified at that level and displayed a new surge ,going up to $445.
The Next step in the Bitcoin Price Trend
The current trend is likely to remain, so long as its structure is intact. The key level to watch right now lies at $430.
Short-term trading decisions should be enacted before that level, as after Bitcoin’s price reaches it, we are likely to observe either it bouncing off, or for it to continue moving upwards until $450.
Alternatively, it may suffer a reversal of the prior upward trend and instead push below the $430 support.
Bitcoin’s price is still likely to stay in the range between $425 and $435: as these are the most pronounced resistance lines.
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