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Bitcoin price analysis on CoinTelegraph.
Traders’ expectations during the last week were not entirely certain, but quite predictable. The initiative was taken from sellers by buyers and vice-versa.
Finally settling on a long-term level of $400-390, highlighted long before the downward trend, the buyers have seized the advantage. This is caused by buyers closing their deals.
The Bitcoin price was more or less certain in its upward trend.
Fortifying on the medium-term resistance of $409, which was mentioned several times before, the buyers have held this mark, which yet again provoked sellers into closing their positions.
At the level of $423 the opinions have split, with part of the buyers closing their positions. This has inspired sellers into taking the initiative. The $420.5 resistance was a sort of psychological barrier between the buyers and sellers, which has led to a downward impulse.
At this point, those who bet on an upward trend became hesitant about their deals and started closing positions. This level was mentioned on Friday, March 11th.
The further direction of the BTCUSD price is dependent on two key levels: $408 and $423; more specifically, on how the traders will behave at those marks.
If Bitcoin breaks through the bottom resistance of $408 and fortifies there, it may continue declining until the minimum of $390.
It’s important to track the structure of the third wave, because the traders’ expectations can change at any moment.
For the price to reach the target of $435, it has to break through the level of $423 and fortify on it. This can influence the sellers into closing their positions, which they have been holding since $450.
For more beneficial medium-term deals, one should pay close attention to these two resistance levels - $408 and $423 (BITFINEX). These will also be a good signal for mid-day trading decisions.
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