A return to the trend that started at $410 continues, and it may ultimately grow into a reversal.
The longer Bitcoin’s price stays in place, the more powerful the expected impulse will be.
Yesterday, there was a movement between the levels of $432 and $436, without any significant presence outside of that range.
Some people might have fallen asleep watching those sideway dynamics. The uncertainty between buyers and sellers prevented the BTC from forming a pronounced trend.
Fiat currencies situation
The fiat currencies’ structure isn’t forming any particular trend. That’s why the rates are expected to bounce off key resistance levels, while holding the USD price at an even height.
The Bitcoin price, likewise, hasn't formed a short-term trend. However, those who want to catch that trend when it happens, should be on their guard.
The key levels right now are $429 and $438 (BITFINEX exchange).
There is a possibility for a false break through the $427 mark and a return to form a structure for an upward trend, or, alternatively, another stop.
Yet another possible scenario is a fortification at a level of $427, followed by a downward trend until the minimal target of $422.
A similar scenario is expected in the case of a break through the top level of $438. There is a potential for a bounce-off and a following return to the starting point. If however, the BTC/USD price stops on that resistance level, that will be a good signal for a short-term upward trend, provided that a third way forms. In that scenario, the target will be at a $445-50 level.