Do Bitcoin Buyers Have Enough Strength to Turn the Trend Upward?
Buyers are not allowing the downward medium-term trend to continue, but the sellers are not going to lose their ground easily either.
The Bulls are not allowing the downward medium-term trend to continue, but the Bears are not going to give up their ground easily either.
The bounce off of the level of $409 and the fortification at $410.5 served as a good indication for a short-term upward movement to $415.
At the level of $415, the initiative was seized by the sellers. As was mentioned earlier, this point is very profitable for them.
However, the Bulls have managed to hold the price at the new level of $411.
There is a possibility of a third wave forming at the $411 mark, which will keep growing until $445, if the Bulls hold the advantage.
For that to happen in the short-term, there has to be a break through the resistance of $415, fortification there, and then further formation of the upward dynamics.
If the Bears win and become more numerous, the Bitcoin price will drop again to the level of $409. For that to happen, Bitcoin needs to break through $411 and hold at that level. Additionally, the downward trend may continue even to the minimal point of $395, if the price fortifies at $409 before that.
Thus, the key levels for short-term movement are $411, for a turnaround to $409, and $415, for the formation of a medium-term upward trend.