The buyers’ advantage has shown itself, but the medium-term trend isn’t yet broken, for one to consider buying. A strong break through the resistance level of $409 has displayed Bitcoin buyers’ strength.
This is a good signal for a start of a short-term growth trend, and a confirmation of this trend will be when it then fortifies at this level; that’s why a recoil happened.
All of this hasn’t indicated the total absence of significant force from the sellers though. Bitcoin price chart However, closer to the level of $415, the advantage was taken by those who expect a decline. The impossibility of a fortification at the $415 resistance level has led to a return to the $409 mark. The trend structure has been broken. Further predictions of the Bitcoin price Two levels of $415 and $409 are important for further predictions .
The traders’ reaction at these levels will determine further movement of the BTC/USD price.
By breaking through the $415 level and fortifying there, the market will make way for a short-term upward trend. This trend will have a chance to grow into a larger one and head further toward $445.
The most important thing here is to watch the third wave’s structure closely. In the eventually that Bitcoin’s price fails to hold its position at the $415 mark, there will be a good possibility of a return to $409. Bitcoin price chart For the medium-term downward trend to continue, the price has to at least overcome the $409 resistance, because that is the most profitable price for the buyers, and if they are more numerous, the turn to decline is not to be expected. In a different scenario, the Bitcoin CT r: 8 price has to fortify at $409 in order to turn downward. Bitcoin price chart However, it would not […]
