Receive all Cointelegraph news immediately in Telegram.
The upward Bitcoin trend failed to grow into a larger-scale movement. There was no support at the long-term level, and a natural fall followed.
After reaching the key long-term level, the market had to decide: either to form a long-term upward trend or a downward correction. The price would undergo a significant increase in case of a long-term upward trend, but there was no support for that scenario. A downward turn has formed in the short-term scale, which broke the upward trend.
After the price has formed a downward correction, two key levels have appeared. The bottom level of $440 is profitable for buyers. So if they are a minority, Bitcoin’s price will continue falling towards the long-term resistance of $428-30.
For the upward trend to continue, the price has to fortify at the level of $468.5 and form a turn. If no rebound happens at that level, it will be a confirmation of an upward trend.
A powerful trend may be followed by a long flat, as it usually happens. Formation of flat is likely between the levels of $440 and $468.5. The likely starting level for a continued upward trend will be at $468.5.
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