Bitcoin Price Analysis: 3/31/2016

Bitcoin’s price is approaching a critical line, where the following direction of the trend is likely to be decided.

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Bitcoin Price Analysis: 3/31/2016

Bitcoin’s price is approaching a critical line, where the following direction of the trend is likely to be decided.

Is it a rebound or a turn?

Bitcoin’s price is in a rebound toward the downward trend. The fact that Bitcoin’s price didn’t fall lower and faster indicates that the bulls are holding it at the current level.

BTC/USD prica chart 1

There is always a chance for a turn. But for a more certain signal, this downward movement has to become a rebound, instead of the first downward wave. In that case, the bulls will win the advantage. The buyers will then have to fortify at the level of $418-19, thus eliminating the possibility of the formation of the third downward wave. During the formation of a turn, the next target will be $428, which is the level where some of the large positions of bears are cut off.

BTC/USD prica chart 2

The continuation of the downward trend depends on how will Bitcoin’s price behave at the level of $409. If the bulls finally hand the advantage over to bears, the price is likely to plateau for a while and then continue its downward movement right up to $390.

BTC/USD prica chart 3

Until the mid-day price of Bitcoin fortifies at either of the key levels of $418-19 or $409, the market will continue moving sideway.

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