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The uncertain growth of Bitcoin’s price has provoked a short-term decline. What is the strength of that decline and for how long will it stay?
Bitcoin price analysis
Bitcoin, Price, USD, BTC, trend
The downward movement scenario has played out. That movement was short-term in relation to the medium-term upward trend, and that explains why it is a rebound. Bitcoin’s price has bounced off the medium-term level, where large trading volumes have accumulated, thus confirming the rebound assumption.
The advantage is being held by the bulls within the medium-term scope. The upward trend has been holding since $406.6 and there has been no fortification and turnaround in favor of the bears so far. However, if Bitcoin’s price starts fortifying at the level of $417.8 and forms a turn, a drop towards the starting level of the current upward trend is most likely.
For a more certain continuation of the upward trend the bulls will have to fortify at the level of $423.4. A new stop may happen at the medium-term level of $427.
It’s too early to speak about a turn to decline. For a more certain signal, one has to watch the way price reacts at the level of $417.8.
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