Bitcoin Price Analysis: 3/22/2016

The short-term trend underwent a natural turn to growth. Does this movement have enough potential to grow into a medium-term trend?

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Bitcoin Price Analysis: 3/22/2016

The short-term trend underwent a natural turn to growth. Does this movement have enough potential to grow into a medium-term trend?

Will the upward trend continue?

After holding for some time on the level of $412, which was predicted earlier, Bitcoin’s price has bounced off it, forming an upward trend in the process.

Bitcoin Price Chart

The Bears were a minority at this point, despite how profitable it is for them, and a natural growth impulse followed.

As long as the trend’s structure stays intact, the upward movement will continue. The next target is the medium-term resistance of $422.

Bitcoin Price Chart

The most likely point for the trend to break is the $416 resistance. After fortifying on that level, the Bulls might start having doubts and closing their positions. If that is the case, the price is expected to fall back to at least $410-11.

Bitcoin Price Chart

The level of $416 is the most profitable point for the deals with the expectation of continued growth as well as for those which bet on the trend turning to decline.

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