Bitcoin Price Analysis: 4/20/2016

Bitcoin continues its medium-term upward movement. The next significant target is the long-term level of $445, where the market could potentially choose a new direction.

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Bitcoin Price Analysis: 4/20/2016

Bitcoin continues its medium-term upward movement. The next significant target is the long-term level of $445, where the market could potentially choose a new direction.

What level will be critical for the current upward trend?

Bitcoin’s price has broken through the important resistance of $430.5, fortified above it and formed a trend. The fact that the price held at that level has indicated that the advantage was with the bulls.

BTC/USD price chart 1

The upward trend will continue if its structure is not disrupted. The next-to-last rebound towards the medium-term upward trend will be exactly the point where the structure of the upward trend can be broken. If Bitcoin’s price fortifies and forms a turn to decline, then the whole upward trend will likely end and there will be at least a correction towards the closest target of $417.

BTC/USD price chart 2

The level protecting the entire upward trend is $431, the price with the largest accumulated trading volume.

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