Bitcoin Price Analysis: 5/06/2016

An upward trend continues to form on Bitcoin. Disruption of the structure of that trend could provoke a new fall.

Was there a turn to growth?

Bitcoin’s price has been bouncing off the bottom limit of the flat, which indicated that the bears were holding the advantage. But the later fortification and the lack of a return towards the bottom border of the flat has shown that the medium-term bulls have seized the advantage and are now making new deals in hope of a continuation of the upward trend.

There was no clear turnaround wave. A new break through the limit of $450.5 could provoke a new fall. Bitcoin’s price has to leave that short-term flat to form an impulse. The most likely point for an upward rebound, as well as the turning point for a new downward trend is at $448. A fortification and a turn to decline could happen at that level.

The structure of the whole upward trend is breaking at the $448 resistance line. A turn to decline is most likely at that level.