Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis: 4/20/2016
Latest NewsPublishedApr 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.
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.
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.
The level protecting the entire upward trend is $431, the price with the largest accumulated trading volume.
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