John_BitcoinGroup

BTC/USD Direction Coming Soon

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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There has still been no clear retracement of the past week’s bullish movements, with the price having bounced back into the $267 - $285 range.

It is likely that a correction and the direction of the trend will be decided very soon. The $267 level is the clearest indicator, staying below it will most likely mean further retracement.

Upside potential can largely be determined by how the price acts in relation to the general support trend area for at least the next 24 hours. Staying above it would mean that there is enough bullish pressure to test the $290 level. Ranging within the area could mean further upside, but it wouldn’t be enough to base predictions on.

Similar projections can also apply to the 100H and 200H moving averages in the short term. This is due to the 100H moving average having stuck closely to the area’s upper line and the 200H a little bit lower than the lower line. Therefore these lines can be used as a more adaptive indicator of the price’s relative strength or as confirmation of market direction.
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