After a continuous flat, Bitcoin’s price underwent a strong growth impulse. Will the upward trend hold for long?
Will there be another growth impulse?
The longer the flat (sideway movement) continues, the stronger will be the impulse after it. That is tied to the high volumes, which form the entire movement. After a new break through the top resistance, Bitcoin’s price has managed to hold at that level, which was followed by an impulse of growth.
Bitcoin’s price has stopped at a key long-term resistance. That point will determine the following medium-term, and, most likely, long-term trends.
In the short term, the most important level for the continuation of trend is the price of $429.5. If Bitcoin’s price reaches that point and the bears don’t win the advantage, the upward trend is most likely to continue.
It’s hard to talk about a turn to decline so far. But if the bears hold at the level of $425.3, Bitcoin will stand a chance to keep falling, at least within the scope of a correction.
The further mid-day trend will be determined by the levels of $425.3 and $429.5. It’s worth remembering that Bitcoin’s price is right now at a key medium-term level, which implies a possibility of a powerful movement in either direction.