Bitcoin Price Analysis (Week of April 24th)

A powerful upward trend following a long flat is a natural pattern. Bitcoin’s price has reached a long-term resistance line. Will that provoke a decline?

Will Bitcoin continue its long-term rise?

The market’s inability to turn about at the top limit of the long-term flat has provoked a powerful upward impulse. The bears have given up on their positions and Bitcoin’s price has headed towards the next key level of $445-50.

There can be a rebound in the long term, given that the price is at a point where a larger cycle is usually formed. If the bulls still manage to hold the advantage, even in such a risky position for them, the trend is likely to continue going upward at about the same speed. But to make a really conservative decision, one should wait for a rebound. The critical mark for a rebound is the level of $446.3. If the number of bulls will not be sufficient at that level, Bitcoin’s price is likely to at least enter a deep downward correction.

For the trend to change, Bitcoin’s price has to fortify and form a turn at the $446.3 resistance line. Formation of such a structure will indicate that there is no support on the market for further growth.