Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis 5/09/2016
MagazinePublishedMay 9, 2016
Bitcoin is undergoing a correction toward the upward trend. That rebound can become a turn to decline.
Bitcoin is undergoing a correction toward the upward trend. That rebound can become a turn to decline.
What is the most likely scenario for a turn?
A stop and a rebound of Bitcoin’s price off the level of large trading volumes at $456 indicates that that trend is backed by some degree of support.
But that situation can change, which we’ll be able to see, when judging by the structure of the price. If the bulls will continue to hold the advantage, a fortification at the level of $456 is unlikely. That means that in an upward scenario, Bitcoin’s price has to not form a turn at that level. In the case of a turn at $456, the odds will be on the side of a downward trend.
The level of $456 is the most likely peak of a rebound toward the upward trend. A turn to decline can also begin there, and continue to at least $445.
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