Bitcoin Price Analysis: 4/18/2016

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?

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Bitcoin Price Analysis: 4/18/2016

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.

BTC/USD price chart 1

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.

BTC/USD price chart 2

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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