Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis (Week of May 1st)
MagazinePublishedMay 1, 2016
The upward Bitcoin trend failed to grow into a larger-scale movement. There was no support at the long-term level, and a natural fall followed.
The upward Bitcoin trend failed to grow into a larger-scale movement. There was no support at the long-term level, and a natural fall followed.
Will the upward trend continue?
After reaching the key long-term level, the market had to decide: either to form a long-term upward trend or a downward correction. The price would undergo a significant increase in case of a long-term upward trend, but there was no support for that scenario. A downward turn has formed in the short-term scale, which broke the upward trend.
After the price has formed a downward correction, two key levels have appeared. The bottom level of $440 is profitable for buyers. So if they are a minority, Bitcoin’s price will continue falling towards the long-term resistance of $428-30.
For the upward trend to continue, the price has to fortify at the level of $468.5 and form a turn. If no rebound happens at that level, it will be a confirmation of an upward trend.
A powerful trend may be followed by a long flat, as it usually happens. Formation of flat is likely between the levels of $440 and $468.5. The likely starting level for a continued upward trend will be at $468.5.
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