Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorWill the Downward Bitcoin Price Trend Continue?
MagazinePublishedMar 7, 2016
Bitcoin’s price is undergoing a correction within a downward trend. It’s approaching a point where it will decide between a new downward momentum, or a turn to growth
https://cointelegraph.com/bitcoin-price-indexThe Bitcoin price is undergoing a correction within a downward trend. It’s approaching a point where it will decide between a continuation of the downward momentum, or an upswing.
The downward trend has nott been broken yet. The current growth is just a rebound towards the medium-term downward direction.
The BTCUSD price did not reach the medium-term resistance level of $417 and has formed a new key level at $409.
This is why there are two resistance levels at the $409 mark - those of short- and medium-term trends. This is the most profitable point for sellers, both within the midday trend with a minimal target of $390-93, and within the medium-term downward trend with a following target of $380.
The Bitcoin buyers will have an advantag if the trend will fortify on this level and continue going upwards. This movement will have potential to grow into a larger rising trend until the mark of $445, provided its structure remains intact.
A more conservative point for selling within the downward trend will be a break through and fortification at the level of $402.
This point may be where price recoils, which will indicate the Bulls’ strength. The $402 resistance is also the most profitable for short-term buying.
The principal trend is currently headed downward. Midday direction is overall vague, with the price fluctuating between $402 and $409. A break through and fortification on either of these levels will indicate the further direction. But before that happens, there will be a sideway movement between these two points.
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
