Will a New Medium-Term Trend Appear This Week?
The market is quiet in anticipation of a new push. The current fluctuations in Bitcoin price are caused by the split in opinions among traders. By the end of the week, the Bitcoin price was hovering between two key medium-term levels. During the first half of the week (February 22nd to 24th) Bitcoin raced towards the $410-$420 level and fortified there. This represents a critical resistance line, and if it doesn’t hold, the medium-term trend could switch to the opposite direction. During the second half of the week, the BTC/USD price gravitated towards an important level of resistance of....
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Ethereum has reached the minimum target of a medium-term correction. The future structure of its price will hint at the following direction. Will the medium-term upward trend continue? The structure of the short-term downward trend was not disrupted. Thus, the formation of a medium-term downward rebound has continued. The level of $11 is a key point, where a change of cycles could take place. If the medium-term trend does not have sufficient support, it will provoke a fall right down to the base of the whole structure. If Ethereum’s price rebounds up from the level of $11, the $12.2....
Ethereum has formed a wave of a medium-term upward trend. The structure of the downward trend has been disrupted, hence there is a possibility of a medium-term upward turn. Is it a flat or a continuation of a long-term upward trend? The upward trend has equalized the distribution of power between the bulls and the bears last Friday. A break through a zone near $14 means that there is no particular sentiment regarding Ethereum’s price, i.e. there is a sideway movement on the market. Ethereum’s price is forming a wave for a medium-term upward trend. But it’s too early to speak about a turn....
Ethereum continues going along its upward trend. An exit from the medium-term flat could provoke an upward impulse. Where is the upward trend most likely to end? A fortification at a key level of $9.5 was followed by a natural impulse. There were several factors which have influenced that trend. Firstly, there was no medium-term turn, with Ethereum’s price reaching the peak of a correction and stopping at a level of the largest accumulated trading volumes of $9. Secondly, the medium-term trend has been broken at the level of $9.5. This way, by analyzing the current upward trend, we can....
Ethereum’s price is moving up in a flat-like dynamic. It is now close to a medium-term resistance line, where the upward trend could be switched to a downward one. Will the long-term growth continue? As long as the structure of the current trend is not disrupted, the current growth will continue right until the medium-term level of $13.7. The future movement’s cycle will probably be decided at that point. If the downward correction continues below $10, there will be a rebound from the medium-term level of $13, where the diagonal channel and the Fibonacci level 23 intersect. Otherwise, if....
A short-term downward trend is underway on Ethereum’s market. Will that movement continue into the medium term? For how long will the price keep falling? After failing to fortify at a critical level, Ethereum’s price had just one option - to continue going down. But that movement can’t yet be classified as medium-term. The $7.6 mark has become a new intermediate level. If Ethereum’s price holds at that resistance and forms a turn, the short-term downward trend is going to end and there will be an upward rebound toward the medium-term trend. Ethereum (ETH) price chart If a turn doesn’t....