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After a new attempt at breaking through the key resistance line and forming an upward trend, Bitcoin’s price has yet again fallen back to the level of $408. An uncertain growth like this can ultimately provoke a sharp drop.
A medium-term trend has still not been formed. Bitcoin’s price underwent an upward impulse and has stopped at a key medium-term level, but the bulls have failed to hold at that resistance, which has naturally led to a drop back to the starting point.
That level was important, because the majority of the downward trading volume has been formed exactly at it.
Additionally, that point was a peak for a rebound within the downward trend. That’s what caused such a strong movement to happen at that level.
The price of $428, which is currently the top resistance line, is still the most likely point for a turn to growth. The bulls will have to fortify at that level and form a turn, and if that happens, there most likely will be a formation of a weekly upward trend with the closest target at $445-50.
For the downward trend to continue, the most important level will be at $408, where the largest positions are formed. If Bitcoin’s price holds at that point and starts forming a downward turn, the market is likely to continue to move toward the next resistance, which is at around $398.
Thus, for a weekly trend to start in either direction, Bitcoin’s price will have to fortify and form a turn at one of the levels of $408 or $428 (BITFINEX).
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