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After moving higher off the early February lows, bitcoin has backtracked over the second half of this week. Is the rally over? Or is the market consolidating positions while traders wait for a signal on bitcoins next direction? Bitcoin has traveled in reverse the bitcoin traders steam two days, leaving many to ask if the rally from the depths of early February has stalled.
It is natural to assume there would be some profit taking following bitcoin traders steam sharp price recovery, and that could be responsible for the recent stall in upward momentum. That level served as a platform back on February 16th, and again on the 22nd. As we look to next week, we see a basis for this level holding over the next 7 trading days, based on recent market behavior.
Moves beyond that zone could spark new bitcoin traders steam higher and a further extension of a bullish rally. Volatility bitcoin traders steam up and trending higher. This should be considered an indicator of widening price swings as the market tries to find agreement on the bitcoin traders steam direction for bitcoin.
There are no significant indicators offering insight on market direction for the next long-term move in price. Over the course of the next two to three weeks, we should see a clear trajectory for the cryptocurrency begin to form. The theme for next week should be consolidation as some traders, especially those who may have purchased at the early February lows, take profits.
At the same time, other traders are entering now on the expectation the recovery will continue. While these market dynamics continue to play out, we can expect wide swings and key levels on either side of current price ranges to hold firm. Risks to this forecast include a re-emergence of negative newsflow for bitcoin, especially on the regulatory front.
Negative fundamental headwinds due to regulatory chatter seem to have abated, and that has certainly helped the recovery. Upside risks would bitcoin traders steam primarily attributable to any additional momentum generated by new waves of consumer demand.
Volume seems to have waned off the highs of last year. Jason is a best-selling author and lifelong educator, able to take highly technical subject matter and make it accessible. The information contained above may have been prepared by independent third parties contracted by Nadex.
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Nadex accepts no responsibility for any use that may bitcoin traders steam made of these comments and for any consequences that result. No representations or warranties are given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk and any trading decisions that you make are solely your responsibility.
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Nadex is subject to U. Bitcoin traders steam out our online application in just a few minutes. Bitcoin Price Analysis It bitcoin traders steam natural to assume there would be some profit taking following a sharp price recovery, and that could be responsible for the recent stall in upward momentum. Bitcoin Volatility Volatility is up bitcoin traders steam trending higher. Get Started Fill out our online application in just a few minutes.
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