Receive all Cointelegraph news immediately in Telegram.
The market is preparing for a new impulse. Will this movement grow to become a medium-term trend?
The market is preparing for a new impulse. Is this movement likely to grow into a medium-term trend?
The lack of decisiveness among sellers explains the lack of continuation of the downward trend, and this has caused a sideway movement to form between the two resistance levels of $416 and $424.
This is connected to the medium-term level of $410: the Bitcoin price has stopped in its close proximity.
A much greater force has to appear in order to influence a trend of such scale. During the past two weeks no such force has been observed.
However, there is still potential for a downward movement in the short-term. For a midday decline trend to form, we need a start in the form of a first wave, which will need to break through the level of $416. A fortification on it will show the strength of the sellers. During the formation of the third downward wave, the minimal target will be around $410, if the trend’s structure isn’t disrupted.
The $416 price is the most profitable one for the Bitcoin buyers. Thus, if there will be a Bull majority, the BTC/USD price will return to at least $424, after which a new decision will be made regarding further direction.
The resistance level at $424 is the most profitable for Bitcoin sellers. A stop at that level will be the first indication of the buyers’ advantage. If that trend keeps its momentum, the closest target will be $430.
Thus, two points are important for a choice of the midday direction: $416 and $424. That’s where the market will decide upon the short-term trend with minimal targets of $410 and $430.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details