Bitcoin Price Alalysis: 4/05/2016
Short-term upward trend is continuing. A major part of that trend has been already worked out.
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
As long as the trend’s structure stays intact, the upward movement will continue to the next target.
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.
The $417.5 resistance is protecting the upward trend. The current dynamic will hold, until a turn forms at that level.