Bitcoin Price Analysis: 5/05/2016

Bitcoin is fortifying at the top limit of a short-term flat. In order to maximize the possibility of a turn to growth, the market has to form an upward turnaround structure.

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Bitcoin Price Analysis: 5/05/2016

Bitcoin is fortifying at the top limit of a short-term flat. In order to maximize the possibility of a turn to growth, the market has to form an upward turnaround structure.

Will an upward trend start soon?

Bitcoin’s fortification in a zone profitable for the bears means that the bulls are currently holding the advantage, or, alternatively, there is a lack of interest from the majority of the bears at this level. One way or another, the current structure is a signal of an upcoming turn.

Bitcoin Price Chart

The lack of interest from bears at this level could provoke a trend towards the next more significant resistance line. If the bulls keep holding the advantage at the top limit of the flat ($450.5) and a turnaround wave forms, the next significant target will be around the peak of the upward trend, which is at $468-70.

Bitcoin Price Chart

There is a chance of a rebound off the top limit of the flat ($450.5) and a continuation of the downward trend. If, however, a turnaround wave forms, an upward trend will be likely.

 
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