During last 7 days the dynamics of the Bitcoin rate was growing instead of falling. Some analysts 7 days ago wrote in case the downward movement will be pushed the growth target will be around $408 for a start. And now this scenario is in action and we can see the rate moves towards $400. The growth was smooth and was moving gently for Bitcoin, however further consolidation before further movement ahead is possible. The Bitcoin growth reached the Fibonacci barrier against $408, closing to $412 initially. SO far the pullback goes smoothly, which speaks of the customers' power. At the same time the rate may go down to $390 technically.
It makes sense to open long positions when crossing the level of $412 and upwards around $432. Potentially bear is possible, however, making targets here is a lowly craft: consolidation can move on with the current rates or it can go lower, which is why we would recommend when bearing stop at around $408, and further on place trading stop when in the black. If we go beyond $400, the next decline target is $390.
We can't speak of forming the stable trend so far, at the same time there are all chances to move up to $450. And here comes the barrier level and we should watch the rate closer and analyze the movement character. The current growth showed forming the weekly upward movement, though it is longterm and more suits traders with the speculative character of trading. The channel shows an upward vector of price movement.
