Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis: 5/03/2016
MagazinePublishedMay 3, 2016
The short-term Bitcoin trend is currently staying within a flat. It’s time for the market to choose a direction.
The short-term Bitcoin trend is currently staying within a flat. It’s time for the market to choose a direction.
What is needed for a turn to growth?
Because there was no turnabout on the medium-term scale, the downward movement of Bitcoin is limited. Consequently, the price has stopped at the first key resistance line.
A flat has formed and the traders’ reactions at the borders of that flat will hint at the direction of the future trend. For the upward trend to continue, the downward structure has to be broken and the price has to fortify at the level of $450.5. That level is profitable for the bears, because it’s where the largest trading volumes have accumulated. For the trend to turn to growth, the bulls have to take the advantage at that level.
The downward trend will most likely continue if a turn to growth does not form at the level of $450.5.
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