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Bitcoin Price Analysis: Bullish Trend Is Forming

Last week, the first cryptocurrency showed a smooth growth. The bulls had the opportunity to finally break the downtrend observed over the past two months. 

The price of bitcoin follows a forecast and the positive trend of the main coin  is likely to continue grow. The February monthly candle ended in a bull zone and at the same time has a long tail. Bulls did not ignore this positive signal and from the first days of March push the price up.

In addition to technical factors, fundamental ones added. So, last week there were two positive news: Germany recognized bitcoin as a means of payment, and Bitcoin-startup Circle acquired the Poloniex exchange - one of the major cryptocurrency exchange.

btc-usd monthly chart

The daily chart shows the development of the third wave. The downward trend line is broken, the way to the top is almost open.

btc-usd daily chart

The general structure is positive for both bitcoin and for many altcoins, which have already begun to grow slightly, having reached favorable zones for purchases.

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