Bitcoin Price Analysis: 3/30/2016
Bitcoin’s price has not followed through with its upward movement and has fallen back to last week’s positions. What are the reasons for this significant drop? Signs of a Downward Trend The power of the drop that has happened is tied to the scale of the trend. Bitcoin’s price was at a key medium-term level, as was said earlier . The volume of trading at such points is usually much higher than when only short-term deals are involved. That’s why the price underwent such a sharp fall. Because the upward trend was broken and Bitcoin’s price fell back to the medium-term level of $406, there is now a probability of a downward trend developing. But for it to form, the Bears will have to hold their positions at the current level. In case a turn forms, the price is quite likely to reach $390. Within the short-term trend, the most likely level for a turnabout is $416. After fortifyi...