Will a New Medium-Term Trend Appear This Week?

The current Bitcoin price trend is caused by the split in opinions among traders.
The current Bitcoin price trend is caused by the split in opinions among traders.

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.

BTC price chart 1

During the first half of the week (February 22nd to 24th) Bitcoin raced towards the $410-$420 level and fortified there.

BTC price chart 2

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 $440-$450, and has very nearly reached it.

BTC price chart 3

Why are these marks so important?

The $420 price was the best price when trading during the growth trend that started on February 11th, and $440 is the point where that trend stopped, causing an increase in the number of sellers.

The dollar price, likewise, hasn’t been able to pick a specific direction. This is clearly displayed by the dynamics of fiat currencies: their scattered movement has failed to significantly affect the USD rates.

BTC price chart 4

BTC price chart 5

The next week could very well be an uncertain one. The price is likely to stay between the two medium-term levels of $420 and $445. A formation of reversal waves is expected either towards the top or the bottom.

For the medium-term growth to happen, the price has to break through the $445 resistance level and fortify there. This will serve as testament to the buyers’ current power.

BTC price chart 6

For the trend to become a decline, it has to break through and fortify below the $420 level.

BTC price chart 7

The fiat currencies’ behavior is also important. A movement similar to that of Bitcoin’s price would be a strong signal from them.