Bitcoin Price Analysis (Week of May 8th)

The upward dynamic continues on Bitcoin. If the structure of that movement isn’t disrupted, it is likely to grow into a medium-term upward trend.

Where might the structure of the upward trend be disrupted?

After fortifying at a medium-term resistance line, Bitcoin’s price has undergone a turn to growth. The level of $450.5 could’ve become the peak of a correction preceding a downward trend, but the bears were a minority. Bitcoin’s price is now close to a significant resistance line, where long-term bears could activate and win the advantage.

BTC/USD price chart 1

That’s why it’s important to monitor the structure of this upward trend. If there’s no support for the upward movement at the profitable level for the bulls, which is $454, Bitcoin’s price is likely to fall back to $436-35. A rebound off $468 is also possible. That’s why for a more certain signal for growth, we should wait for the market’s reaction, in the form of a fortification and formation of a turn at that level.

BTC/USD price chart 2

There is ambiguity at the medium-term scale, and the price is quite likely to bounce off the peak of the upward trend and turn to decline.

Unitl the price passes beyond the mark of $468, the odds will lie with a flat between $436 and $468.


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