Bitcoin’s price has not left the corridor and was forming its movement between the two resistances of $420 and $403.
However, recently, a new upward turnaround wave has formed, which will likely lead to the formation of a weekly upward trend.
Everything depends on the reaction of the traders further down the line. If the bulls hold their positions, an upward trend will be inevitable.
It’s important to watch key resistance levels, where the advantage could be taken by either side.
The buyers will need to hold the level of $420. If Bitcoin’s price holds at that level, and a turnaround starts forming, it will signify their advantage.
The way the price behaves at the level of $422 is also important. If the advantage does not change hands, the price will likely reach $440.
In case the bears manage to make the bulls doubtful, the latter will start closing their positions, which may lead to a turnaround.
The critical level will be at $412.7.
If Bitcoin’s price holds at it and forms a turnaround, it will be likely to fall to the next key level of $403.
The fate of the potential upward trend depends on the reaction of the price at the levels of $420-22 and $412.7. Those are the most profitable points for a weekly trend.