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Bitcoin has reached a significant long-term resistance line. At that level the market will decide upon medium- and long-term directions.
Bitcoin price analysis
bitcoin, price, usd, btc, trend
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.
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.
The short-term upward trend will continue until the structure of that movement is disrupted. The $442 resistance is protecting that structure.
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