Bitcoin Price Analysis: 4/22/2016

The structure of the upward Bitcoin trend is close to its completion. Whether the price will fortify or form a turn to decline will only become apparent after the market reacts to the key levels.

831 Total views
122 Total shares
Bitcoin Price Analysis: 4/22/2016

The structure of the upward Bitcoin trend is close to its completion. Whether the price will fortify or form a turn to decline will only become apparent after the market reacts to the key levels.

What level may become a breaking point for the upward trend?

Without fortifying at a key level of $442, Bitcoin’s price has continued forming an upward trend. Bitcoin has reached $450, a top limit for the long-term resistance of $445-450, which has lead to a deeper rebound.

BTC/USD price chart 1

That movement could remain a rebound, and, after returning to the $444.5 mark, Bitcoin’s price is likely to recoil, provided the bulls’ advantage is as strong as it was during the earlier rebounds. Alternatively, if the bears win the advantage, Bitcoin’s price will likely fortify at that level and form a downward turn.

BTC/USD price chart 2

The upward trend could end, if the price turns about at a key level of $444.5. In that case, there will at least be a rebound towards the entire upward trend.

×

Hottest Bitcoin News Daily

For updates and exclusive offers, enter your e-mail below.