Spring Brings Bitcoin Price Change

The last month of winter started with an upward trend. That trend is over and it’s time for the market to decide on a new direction.

Over February, Bitcoin’s price has grown by more than 16% and stopped at around $447 per bitcoin.

BTC price chart 1

The start of Spring marks the beginning of a new cycle on the BTC/USD graph.

Bitcoin’s price has stopped at a point where one cycle is changed by another, more significant one.

BTC price chart 2

Change of Bitcoin price trend direction

As a rule of thumb, such points precede a change of direction and a return to previous levels. There is a good possibility of a decline towards the $400 per bitcoin mark, where the price will stop again. But, in order to confirm that assumption, we will need to see specific scenarios in multiple daily structures, because a larger cycle always consists of many smaller ones.

BTC price chart 3

Why exactly can this level be profitable? This point clearly shows possible future movements.

Every trend has at least three waves in its structure:

  • The first wave breaks through a key level. It represents the strength of either buyers or sellers.
  • The second wave fortifies at that level. That is a testament to the absence of a counterforce.
  • The third wave is the longest one, given that its structure doesn’t break soon after forming.

The $400 mark will just be the minimum point for the second wave in its upward movement.

If the structure of the upward trend doesn’t break mid-day, the trend will keep moving up.

BTC price chart 4

Fiat currencies situation

EUR/USD, NZD/USD, and AUD/USD are right now likewise at levels where a change of cycles usually happens, which accounts for a potential for growth.

BTC price chart 5

BTC price chart 6

BTC price chart 7

A resistance at the level of $400-$410 serves as an alternative option for a downward trend. For that scenario to happen, we need to see a break through that level and fortification below it.

BTC price chart 8

 


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