Bitcoin Price Drops Again As We Return To Long Term Down Trend Level
The Bitcoin price is down over 5% this Sunday, as it appears that we are returning to a long term down-trend which has been in place, and holding fairly steady in its path, since the summer of 2014. For a couple of weeks at the end of January, the Bitcoin world was full of optimism. With a strong upturn in price it seemed to many that we may have finally broken the digital currency's long term decline in value. But looking at longer term charts - 90 or 180 days - it becomes clear that January's spike was simply an overcorrection for the dip in early January which had taken the bitcoin....
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The upward Bitcoin trend failed to grow into a larger-scale movement. There was no support at the long-term level, and a natural fall followed. Will the upward trend continue? After reaching the key long-term level, the market had to decide: either to form a long-term upward trend or a downward correction. The price would undergo a significant increase in case of a long-term upward trend, but there was no support for that scenario. A downward turn has formed in the short-term scale, which broke the upward trend. After the price has formed a downward correction, two key levels have....
Bitcoin’s price is undergoing a correction toward the long-term upward trend. For how long will this correction last, and at which point is the long-term upward trend most likely to continue? What has caused the start of this correction? One of the key long-term levels was near $760-80. A long-term downward trend has been forming along that price as far back as 2014. The price of $760-80 has become a key level. The placing of the correction level of the Fibonacci grid 38% has given more significance to that range. That’s why it could be called a historical maximum, which was later....
Bitcoin has continued the long-term trend with a powerful impulse. The short-term upward trend is becoming medium-term, and Bitcoin’s price has reached one of the last year’s maximums as a consequence. What were the reasons for that growth? The $452-55 resistance has become a key point during the selection of a medium-term direction. The formation of trends of any size happens when large-scale movements connect with smaller ones. There are points where the movement grows from a small-scale trend into a large one. That is what happened at the level of $452-55. Bitcoin’s price has reached a....
Bitcoin is continuing its fall, reaching a key long-term resistance line. The fate of the trend will be decided at this level. Is the long-term upward trend continuing? After reaching the minimal target of the correction, Bitcoin’s price has a chance to continue its long-term upward trend. But for that, a lower-level, intraday confirmation is needed. The reaching of the target is the first signal of a continuation of the long-term trend. Now we need to see a turn form within a short-term trend, otherwise there will be a similar situation to the one which happened at $440, where Bitcoin’s....
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....