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The Bitcoin price is right now between two important resistance levels. The further trend will be decided by the traders who win the advantage.
Until the fortification and formation of the third wave happens, there is but one option - sideways or flat movement. The BTCUSD price will bounce off the key resistance lines, as it did the day before.
This situation indicates uncertainty among traders. There is no overwhelming majority that could drive Bitcoin’s price in either direction.
It is possible to make deals from these resistance levels, betting on movement in one or the other direction and close them as soon as recoil hits. But there is a safer option: it is to wait until the market becomes certain. In this case, the probability of profit will always be higher than that of a loss. Statistics will back the stable growth of capital.
The first potential scenario is a turn to growth. The key level for that is the same as before: $417. A break through this level and fortification on it will serve as a signal of sellers’ strength. The last important signal in that case would be a formation of the third wave.
The minimal growth target in this scenario is $421-22.
The second option is a turn to decline and continuation of the downward trend.
Bitcoin’s price will have to pass the $413 mark and fortify on it. If the downward structure forms, the minimal target will be $406.
Given all that, the most conservative course of action right now is to wait for Bitcoin’s price to react at one of the two key levels of $413 or $417 (BITFINEX).
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