Bitcoin’s price continues forming a movement near the top limit of the flat. The formed short-term trend could grow into the first wave of the medium-term upward trend.
The short-term trend is upward
The structure responsible for the formation of the upward trend, now that it has broken through the top limit of the flat at $442.2, will evolve into an upward movement of a larger scale, if Bitcoin’s price manages to fortify at that mark.
A fortification at $442 will mean that the bulls are holding the advantage. In that case, Bitcoin’s price will have a single most probable scenario, which is a formation of an upward movement of a larger scale, with minimal targets around $455. Such a scenario is completely dependent on the current structure of the upward trend, which has started at $435. We need to find the most probable point for a potential turn to decline. That is the level of $441. Several important instruments intersect there: the Fibonacci level 61, the diagonal channel, and the accumulated trading volume. All those could influence the traders’ decisions, and will consequently have an effect on the graph.
An upward rebound could happen at the $441 resistance line. Alternatively, Bitcoin’s price could fortify and drop to the bottom limit of the flat, which is $435.6.
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