Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis: 4/13/2016
MagazinePublishedApr 13, 2016
Bitcoin’s market is currently deciding on the fate of the future medium-term trend. The choice will probably be made soon.
Bitcoin’s market is currently deciding on the fate of the future medium-term trend. The choice will probably be made soon.
Which direction will Bitcoin choose?
The price is currently fortifying at the medium-term resistance, which indicates that the bulls are holding the advantage. If this continues, the price will be likely to reach $445-50.
The $423.5 price is the critical point for a rebound towards the upward trend which has started at $413. Large trading volumes have accumulated at that level, and it is profitable for the bulls because of that. Thus, that is a likely point for a turn. If the price holds and forms a turn, that will indicate the lack of interest from the buyers. In that case, the price can drop to the starting point of $412-13.
If the fortification and turn don’t happen at the level of $423.5, that will mean that a new rebound is in order, after which the further growth trend is likely to develop.
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