Bitcoin Price Analysis: 4/14/2016

Bitcoin is still undergoing a correction towards the upward trend. Will that trend continue or should we expect a turn to decline followed by a sharp fall?

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Bitcoin Price Analysis: 4/14/2016

Bitcoin is still undergoing a correction towards the upward trend. Will that trend continue or should we expect a turn to decline followed by a sharp fall?

At which point is the upward trend most likely to continue?

Bitcoin’s current rebound may likely grow into a turnaround.

The current price is profitable for the bulls. Thus, the reaction of the price at the current level will indicate with whom the advantage lies on the market.

BTC/USD price chart 1

In order to break the structure of the correction and continue the upward trend, Bitcoin’s price has to enter a zone, which is profitable for the bears. $426 is the point where the largest trading volume has accumulated and it will be a profitable level for those who expect a turn to decline. If Bitcoin’s price fortifies at that level, it will testify to the bulls’ strength. Thus, the upward trend is very likely to continue.

BTC/USD price chart 2

For the trend to start heading downward, Bitcoin’s price has to form a turn at $423.5. For the upward trend to continue, the critical level of $426 has to be broken through.

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