Bitcoin Forecast And Analysis For 28th February: Sharp Decline Suggests Incoming Rise

In yesterday’s post, I said how we’d probably see the price break the consolidation to the downside. Well, last night a decline did take place. However, instead of continuing to fall the price bounced back and is now back at the point where the decline started.

At the time of this writing, the bitcoin course was equal to $3823 and the market capitalization was $67 billion.

The fact the price bounced back from this decline and did so in such a strong way, suggest we could actually see the price continue to rise from where it is now and make it back above 4000 in the coming days. Of course, it’s still possible for the price to fall, and there is a chance that could happen. However, I think it’s unlikely considering the rise. We’ll have to wait and see.

No new buy area has formed as a result of the rise, which is unfortunate. But if it continues to 4000 one will form around the point where the price is now, so we’ll be able to use that to look for entries if it does, in fact, end up happing.