Bitcoin Price Analysis (Week of June 5th)
Bitcoin’s price is continuing its upward trend. This confident growth could be persistent on the long-term scale. Will the price reach $600?
Bitcoin’s price is continuing its upward trend.
This confident growth could be persistent on the long-term scale. Will the price reach $600?
The upward trend continues
The upward structure remained intact, as there was no turn at the key resistance line of $512.7. That has caused a new upward surge. So far, the situation indicates that the bulls are holding the advantage, but one should closely monitor the future structure of that movement.
Because the upward trend has remained intact, its key levels have shifted. The new point where most traders could become active is $554.7. That resistance is the intersection point for the diagonal channel, the Fibonacci level 78, and the accumulated trading volume.
All those instruments let us determine the future sentiment of the traders. Most probably, that level will be the new peak of a rebound toward upward trend. If the situation is ambiguous, Bitcoin’s price will start a flat from around $550. However, if there is insufficient support for a continued upward trend, and the bears win the advantage, there will be a chance of a major drop, maybe even down to $450.
However, until a fortification and a turn happen, the odds will be on the side of an upward trend.
If Bitcoin’s price does not form a flat at a new key level, there is a good chance for it to grow beyond $600, because a movement of a larger scale will begin.
A turn at the level of $554.7 could break the upward structure. In that case, a deeper downward correction is likely to begin.