Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis: 4/19/2016
MagazinePublishedApr 19, 2016
Bitcoin’s price still undergoes a correction towards the medium-term upward trend.
Bitcoin’s price still undergoes a correction towards the medium-term upward trend. The graph is fluctuating between the two key resistance lines, and one of them will be the point where the market will choose a new direction.
Will there be a turn to decline?
Bitcoin’s price has stopped near an important resistance of $424-25 which is responsible for the structure of the upward trend. That level is the most likely one for the price to turn to decline.
For the upward trend to continue, there has to be a confirmation of bulls holding the advantage. The $430.5 resistance is where the largest trading volumes have accumulated and it is responsible for the safety of the downward trend. That’s why for the upward trend’s continuation to become likely, Bitcoin’s price has to fortify and form a turn at that level.
The key levels responsible for the future trend are $430.5 and $426.
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