Bitcoin has formed another downward movement against the medium-term trend. What is the nature of that movement - is it a rebound or a turnaround wave?
Will the upward trend continue?
Bitcoin’s price has stopped at an important resistance line. An upward rebound indicates that the bulls are holding the advantage.
But everything still depends on the future structure of the price.
If the price doesn’t fortify and form a downward turn, the upward turn will be likely to continue. In that case, the market’s inability to form a turnaround will indicate that the bulls are a majority.
If, however, the price fortifies and turns about at the level of $426.7, there will be at least a deep downward correction. A sharp fall is also not improbable.
The protection level for the current upward trend is $426.7. That is the most likely ending point for the whole upward trend which has started at $389.
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