Will the BTC/USD Pair Continue Its Decline?
The situation with Bitcoin is heating up: the point approaches where the market will decide upon further direction.
The Bitcoin price situation is heating up: the point approaches where the market will decide upon further direction.
Yesterday, February 25th, Bitcoin price was fluctuating between two critical points: $420 and $428.
The opinions of buyers and sellers have split. The former are betting on growth, while the latter expect a downward trend.
Fiat currencies were also behaving indeterminately, which made any significant influences on the USD rates impossible.
The reasons for such behavior by fiat currencies is their movement against existing trends.
There was also ambivalent news from the US. The growth of unemployment, coupled with an announcement of a positive Durable Goods Orders report could have contributed to the ambiguous environment on the fiat markets.
The Bitcoin price situation is close to its resolution. The BTC/USD price has broken through the $427 line of resistance and stopped there.
If this trend keeps up, and the price fortifies at $427, before continuing to move on upwards, this may very well cause a further growth trend with target levels of $445 and $450.
But one should also be prepared for an alternative option: if the structure of the upward trend doesn't hold, there is a possibility of a return to the $420 level, where a following scenario may present itself:
Current time is the best for making midday trading decisions as the $417 level will serve as a turning point between the two possible trends.