Bitcoin has reached a significant long-term resistance line. At that level the market will decide upon medium- and long-term directions.

Will there be a downward rebound before a new direction is chosen?

Continuing its movement along the upward trend, Bitcoin’s price has reached an important resistance line. That level is significant for traders with both long- and medium-term positions. That’s why the future movement of long- and medium-term trends will be decided at around the level of $445-50.

Bitcoin price chart

In regards to short-term scope, for the upward trend to make a turn, Bitcoin’s price has to break the structure of that trend. The $442 level, having the largest accumulated trading volume, is profitable for the bulls. That’s why if the number of bulls will not be enough to form a majority, there will be at least a downward correction.

Bitcoin price chart

The short-term upward trend will continue until the structure of that movement is disrupted. The $442 resistance is protecting that structure.