Bitcoin Buyers’ Mood Could Create a New Upward Trend
The buyers’ advantage has shown itself. A strong break through the resistance level of $409 has displayed Bitcoin buyers’ strength.
https://cointelegraph.com/bitcoin-price-indexThe buyers’ advantage has shown itself, but the medium-term trend isn’t yet broken, for one to consider buying.
A strong break through the resistance level of $409 has displayed Bitcoin buyers’ strength.
This is a good signal for a start of a short-term growth trend, and a confirmation of this trend will be when it then fortifies at this level; that’s why a recoil happened.
All of this hasn’t indicated the total absence of significant force from the sellers though.
However, closer to the level of $415, the advantage was taken by those who expect a decline. The impossibility of a fortification at the $415 resistance level has led to a return to the $409 mark. The trend structure has been broken.
Further predictions of the Bitcoin price
Two levels of $415 and $409 are important for further predictions.
The traders’ reaction at these levels will determine further movement of the BTC/USD price.
By breaking through the $415 level and fortifying there, the market will make way for a short-term upward trend. This trend will have a chance to grow into a larger one and head further toward $445.
The most important thing here is to watch the third wave’s structure closely.
In the eventually that Bitcoin’s price fails to hold its position at the $415 mark, there will be a good possibility of a return to $409.
For the medium-term downward trend to continue, the price has to at least overcome the $409 resistance, because that is the most profitable price for the buyers, and if they are more numerous, the turn to decline is not to be expected.
In a different scenario, the Bitcoin price has to fortify at $409 in order to turn downward.
However, it would not be very sensible to talk about a decline yet. The reaction to the important resistances of $415 and $409 will show the further direction. As a result of that, it’s reasonable to wait until the price reaches either one of those levels, in order to make favorable trading decisions.