Bitcoin Price Analysis: 4/08/2016

After bouncing off the medium-term resistance line and rebounding, Bitcoin’s price has continued its upward movement. It is at the moment at an important medium-term level.

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Bitcoin Price Analysis: 4/08/2016

After bouncing off the medium-term resistance line and rebounding, Bitcoin’s price has continued its upward movement. It is at the moment at an important medium-term level.

What will be the further trend?

The fact that Bitcoin couldn’t fortify and turn around at the $418 mark indicates that the recent movement was a rebound towards the upward trend.

Bitcoin Price Chart

The continuation of the upward trend depends on the market’s reaction at the key level of $420. That price, where large trading volumes have accumulated, will be a critical level for the whole upward trend. If Bitcoin’s price starts fortifying at that level, it will be the first signal of a turn to decline. After that, either a new downward wave may start forming, or there will be a rebound and continued movement along the current trend.

Bitcoin Price Chart

The breaking point for the current upward trend is $420. For a more probable continuation of the upward trend, Bitcoin’s price has to not be able to form a downward turn at that resistance line.

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