Which Will be the Most Likely Scenario of a Turn to Decline on BTCUSD?
A turn to growth did not happen. In the medium-term scope the sellers had an advantage over the buyers. Is this the star off a decline? The key resistance level was at the $417 mark. However, during the course of the day a new resistance formed at $418.6. This level became the key one overriding $417 and was responsible for the structure of the entire upward trend, which started at $413. After the break through the resistance of $418.6, fortification on it and the formation of the downward movement, the trend’s structure was disrupted. In a case like this, it’s much more likely that the....
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Bitcoin is undergoing a correction toward the upward trend. That rebound can become a turn to decline. What is the most likely scenario for a turn? A stop and a rebound of Bitcoin’s price off the level of large trading volumes at $456 indicates that that trend is backed by some degree of support. But that situation can change, which we’ll be able to see, when judging by the structure of the price. If the bulls will continue to hold the advantage, a fortification at the level of $456 is unlikely. That means that in an upward scenario, Bitcoin’s price has to not form a turn at that level. In....
Ethereum’s price is approaching an important resistance line. There is a good probability of an upward rebound from that level. Alternatively, a turn to decline could form there. Will the upward movement continue? The main direction is up. As there was no turn on a medium-term scale, the odds are on the side of an upward trend. For a turn to decline, Ethereum’s price has to break through the level of $13.4. The key level that we found yesterday is updated, and is now at $13.4. That is the intersection point for a diagonal channel, Fibonacci level 76 and the limit of a short-term flat. A....
Bitcoin is moving toward the target of the long-term correction within the upward trend. The ending of that rebound could provoke a continuation of the long-term trend and a turn to decline. When will the current rebound end? Bitcoin’s price is fulfilling its minimal correction targets at around $440. As there was no turn to decline on a long-term scope, the downward movement is limited. One confirmation of that is the stop around $440. A change of cycles usually happens at points like that. Now the market has to decide whether to continue its long-term trend or form a turn to decline. The....
Ethereum is currently fortifying at a point which is profitable for the bulls. Will there be a turn to decline? Will the bears hold the advantage? The fact that Ethereum has fortified at the level of $8.5 signifies that the bulls are holding the advantage. The $8.5 price is profitable for the bulls, but the graph clearly shows that the buyers are not taking advantage of that profit at the moment. If this keeps up and a downward turn forms, the most probable scenario will be that of the medium-term trend heading down. If, however, the bulls do manage to make use of their advantage, there....
Bitcoin has been consolidating over the weekend following a bearish swing last week from about 262 down to 230. Then, price started to consolidate between the 230 low and a high around 240. The 1H chart shows the small range where price is now hugging the 50-hour SMA. With the 100-, and 200-hour SMAs still above, sloping down, and in bearish alignment, bitcoin maintains a bearish bias within the consolidation. Bitcoin (BTCUSD) 1H Chart April 13. Bearish Scenario is Favored: Furthermore, the RSI remained under 60, which reflects maintenance of the bearish momentum. The favored scenario is....