Bitcoin Price Alalysis: 4/05/2016

The short-term upward trend is continuing. A major part of bitcoin price trend has already been worked out.

Will there be a turn to decline?

As was suggested earlier, the impossibility of a fortification at $417.5 has provoked a rebound towards the next resistance line and a turn to an upward trend

Bitcoin price chart

As long as the trend’s structure stays intact, the upward movement will continue to the next target.

Bitcoin price chart

It’s important to note a key level where that rebound is most likely to turn to decline. This lies at the resistance of $417.5. A rebound off it has just confirmed the importance of that level. If the Bulls do take the advantage at this level, there will be a chance for a turn to decline.

Bitcoin price chart

The $417.5 resistance is protecting the upward trend. The current dynamic will hold, until a turn forms at that level.