Bitcoin’s price is staying within a flat. The choice of future direction will happen at one of the limits of this corridor.

Is the upward trend over?

Bitcoin’s flat movement signifies the current balance between the bulls and the bears. The limits of the flat are largely just the boundaries of that balance.

BTC/USD price chart 1

If the price fortifies and forms a turn at the top limit of the flat, the upward trend is very likely to continue. Alternatively, for a short-term downward trend to begin, the price will have to fortify and form a turn to decline at the bottom limit of $463.5. In that case a medium-term downward correction is likely to begin.

BTC/USD price chart 2

The reaction of Bitcoin’s price at the limits of the short-term flat will show which party is holding the advantage.