Bitcoin price successfully tested the support line target of $290

Bitcoin’s price, which started five waves of declines over the weekend, may now be due for a rise. The same type of price pattern appeared in late January (before consolidation) and again in mid-February (before an upswing).

Bitcoin Price Analysis

Bitfinex 15-minute chart

From xbt.social report earlier today:

The Bitcoin market has already seen five downward waves. Should it be an upward wave now?

An upward 5-wave reaching the purple 800-period moving average at $286 will be a sign of the beginning of a new upward trend.

If the three waves of rise fail near the 800-period moving average, it will warn us that the current sideways structure has not ended or the downward trend may resume.

Gold and precious metals attracted great interest from the investment market this morning, with the collapse of gold, silver and platinum prices once again attracting attention. The price of gold plummeted by more than $40, although it later pulled back above $1,100. The impact of the precious metals crash will be analyzed and reported in today's global economic outlook ccn.la.

I always think about losing wealth, instead of focusing on how to make money, don't focus on making money, but focus on protecting what you have. - Paul Tudor Jones

Summarize

From the current price above the daily 20-period moving average, the market has several alternative paths to develop. The structure and pattern of the current up wave will reveal whether the decline has ended or will continue. On the upside, $290 should be a target. Failure to achieve this target will show the lack of stronger bullish motivation in the market, and the most likely outcome will be a sideways consolidation. A downward breakout of $275 (bitsamp) will open a downward channel of $250. The analyst tends to be bullish, or a consolidation before another bullish run.