Receive all Cointelegraph news immediately in Telegram.
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.
Bitcoin price analysis
Bitcoin, Price, btc, usd
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.
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.
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.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details