A Recoil or a Turn to Growth on the BTCUSD Market?
This weekend’s upward trend may actually end up recoiling into a decline. There are certain key marks will be decisive in determining the further price development. Bitcoin’s price has entered a recoil phase after stopping at the medium-term resistance of $406. Portions of traders close their positions at points like these and buyers try to make purchases at the lowest points, hoping for further growth. However, further dynamics depend on the situation at the $416.7 mark. The traders’ behavior at that level will determine the fate of the downward trend.
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Bitcoin’s price has broken through an important resistance level, which could lead to a turn to growth, but it failed to fortify on it. How can we determine the traders’ mood by looking at the price dynamics? After a break through the level of $416.7, a powerful recoil followed. This shows that the majority is still expecting a downward trend, given that that level is profitable for sale deals. After that, the scenario has repeated itself: a new growth impulse with a breakthrough and a following recoil. This situation indicates the market’s uncertainty. One group of traders is making....
Ethereum’s price is fortifying at a key level. That is the first signal of a turn to growth. Will the upward trend continue? What needs to happen for a turn to growth? A fortification at key bear level indicates the lack of demand. The bulls are holding the advantage. If this continues and Ethereum’s price starts forming a turn to growth, there will be a high probability of larger scale correction towards the next target of $11.1 - $11.2. If, however, the bulls win the advantage, the $10.2 mark will become a key resistance line. A fortification and formation of a turn at it will most....
Ethereum’s price has carried out one of the trend development scenarios. The downward trend continues. What level will prove critical for this trend? Ethereum’s market has picked a downward scenario, discarding the possibility of forming a turn to growth. Despite the price fortifying at a level profitable for the bears, the bulls have failed to hold the advantage, and thus there was no turn to growth. The short-term downward trend will continue, as long as the advantage stays with the bears. The most likely point for a turn to growth is at $10.3, where a lot of trading volume converges.....
The structure of the upward Bitcoin trend is close to its completion. Whether the price will fortify or form a turn to decline will only become apparent after the market reacts to the key levels. What level may become a breaking point for the upward trend? Without fortifying at a key level of $442, Bitcoin’s price has continued forming an upward trend. BitcoinCT r: 8 has reached $450, a top limit for the long-term resistance of $445-450, which has lead to a deeper rebound. That movement could remain a rebound, and, after returning to the $444.5 mark, Bitcoin’s price is likely to recoil,....
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....