Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis: 5/11/2016
MagazinePublishedMay 11, 2016
A turn to growth did not play out on Bitcoin. The price, unable to fortify at a key level, has fallen down to the next significant resistance line.
A turn to growth did not play out on Bitcoin. The price, unable to fortify at a key level, has fallen down to the next significant resistance line.
Is the medium-term downward correction continuing?
The lack of fortification at the level of $455.5 has indicated that there is no current support for a more powerful upward movement. Consequently, there is just one possible scenario - a continuation of the medium-term downward correction.
Bitcoin’s price has dropped to the area around $445 - which is the minimal target for a correction, where most of the traders usually open their deals. In the current case, that will be the deals heading along the medium-term upward trend. The trend can continue, if the bears don’t handle their advantage to the bulls at the level of $457.5.
For a continuation of the medium-term upward trend, Bitcoin’s price has to fortify at the level of $457.5 and form a turn. Under those conditions, the movement will have better odds of reaching the peak of the upward trend again.
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