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.

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.

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.