Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis: 4/26/2016
MagazinePublishedApr 26, 2016
Bitcoin has gone into another rebound off an important resistance line and continues moving upward.
Bitcoin has gone into another rebound off an important resistance line and continues moving upward. The structure of the upward trend is safe for now, which means that the bulls are holding the advantage.
In which case will the current trend end?
Bitcoin’s market has undergone a similar scenario to the one that happened yesterday. A necessary prerequisite for a continuous movement of a trend is the safety of its structure. As long as the structure is intact, the trend holds and keeps growing from short-term into medium-term and so on.
The disruption of the trend’s structure will indicate a parity between the bulls and the bears. Thus, at least a flat is likely to follow. The structure of a trend breaks when there isn’t enough support for it at a profitable level. If there isn’t enough support from the bulls at the level of $458, the upward trend will likely end and Bitcoin’s price will at least enter a correction.
The upward trend is likely to end at the $458 resistance.
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