Bitcoin Price Tumbles: Bearish Momentum Likely to Continue Medium-Term
At the beginning of this week we saw a sharp decline in the bitcoin price, mirroring last week's Sunday decline towards 232 flat. Throughout the first few days of the week, some of this decline has abated and we saw some temporary reprieve with consecutive multi-and intraday targets around the 239-241 region. Yesterday afternoon we published a piece highlighting the upward sloping channel and the 240 target implied if we got a strong retest of support. We got this retest, and having reached our noted highs price collapsed into the late US afternoon session. A quick look at the technicals....
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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....
http://cointelegraph.com/bitcoin-price-indexThe Bitcoin price is undergoing a correction within a downward trend. It’s approaching a point where it will decide between a continuation of the downward momentum, or an upswing. The downward trend has nott been broken yet. The current growth is just a rebound towards the medium-term downward direction. The BTCUSD price did not reach the medium-term resistance level of $417 and has formed a new key level at $409.
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....
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’s price is currently in a rebound towards the downward trend. How deep will this rebound be? Will the rebound grow into a turn to growth? The short-term upward trend is actually a rebound toward the medium-term downward dynamics. So it’s a bit too early to be talking about a turnaround in the medium-term scale. For the continuation of the downward trend to become likely, Ethereum’s price has to fortify at the level of $8. After forming a turn there, there will be a good chance for the downward trend to continue. That will indicate that the bulls are a minority at that level. But....