After having been continuously forming an upward trend, Bitcoin’s price has undergone a powerful downward impulse. Will that affect further growth?
The short-term upward trend continues
A sharp change in the trend indicates that the majority of the bulls did not expect a continuation of the trend at that point. The structure of the price is not formed enough for medium-term growth.
Currently, the price is going upwards, but it’s also near a medium-term level, which it may bounce off again. The critical rebound level is the price with the largest trading volume, which is $418.5. The upward trend is likely to change if the price fortifies at that level and turns to decline. In that case, the market will be likely head back to the starting point of $412-13.
The intraday trend is protected by the level of $418.5. That resistance is the most probable to serve as the peak point of a rebound or as the point of a turnabout.
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