Bitcoin’s price is right now at a point where the market will make a decision on the further medium-term direction. There will either be a turnaround or a continuation of the downward trend.
The price has bounced off the level of $409, that we’ve mentioned before. This indicates the buyers’ relative advantage.
However, before that advantage becomes significant (either with buyers or sellers), there will be a sideways (flat) movement.
Key levels
The $409 resistance point is the most profitable for buyers who expect a turnaround and growth up until the minimum of $445.
However, if the buyers don’t hold this level, there’s a good probability of the short-term trend switching direction and the medium-term trend continuing its decline to the minimum of $393-95.
The $415 level is the most profitable for sellers. A fortification at that level will be a testament to the sellers’ inability to push the price down. That would mean that the buyers hold the advantage and will cause a turnaround with the minimal target of $445.
Why $445?
The $415 resistance point is the most profitable price for a downward movement along the trend. This price is considered “cheap” for the sellers, hence profitable. Because of that, traders who expect a decline are going to open bearish deals at about that level. A proof of that is the price stop which happened earlier.
Consequently, if those who expect a continuation of the downward trend are less numerous than those who are going to buy Bitcoin, the price will move further towards the next key level. That level is $445. However, one has to always be ready for an alternative scenario and watch the structure of the third wave closely.
The $409 and $415 resistances are the most probable decision points for the future BTC/USD dynamics. The traders’ reaction at those levels will indicate further movement.