Receive all Cointelegraph news immediately in Telegram.
Bitcoin’s price is undergoing a correction within a downward trend. It’s approaching a point where it will decide between a new downward momentum, or a turn to growth
cointelegraph.com/bitcoin-price-indexThe Bitcoin price is undergoing a correction within a downward trend. It’s approaching a point where it will decide between a continuation of the downward momentum, or an upswing.
The downward trend has nott been broken yet. The current growth is just a rebound towards the medium-term downward direction.
The BTCUSD price did not reach the medium-term resistance level of $417 and has formed a new key level at $409.
This is why there are two resistance levels at the $409 mark - those of short- and medium-term trends. This is the most profitable point for sellers, both within the midday trend with a minimal target of $390-93, and within the medium-term downward trend with a following target of $380.
The Bitcoin buyers will have an advantag if the trend will fortify on this level and continue going upwards. This movement will have potential to grow into a larger rising trend until the mark of $445, provided its structure remains intact.
A more conservative point for selling within the downward trend will be a break through and fortification at the level of $402.
This point may be where price recoils, which will indicate the Bulls’ strength. The $402 resistance is also the most profitable for short-term buying.
The principal trend is currently headed downward. Midday direction is overall vague, with the price fluctuating between $402 and $409. A break through and fortification on either of these levels will indicate the further direction. But before that happens, there will be a sideway movement between these two points.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details