Has an Upward Trend Started on the Bitcoin Market?

Bitcoin’s price has broken through the top resistance line. Will the buyers have enough confidence to keep the growth trend?

After a new false break through the level of $417, Bitcoin’s price has bounced off without fortifying. However, the advantage was held by the buyers and the price returned to the top point.

BTC/USD price chart 1

The price has displayed fortification in the mid-day structure and a natural growth impulse followed.

BTC/USD price chart 2

If the structure of the growth trend stays intact in the near future, there is a probability of the price reaching $422. The trend’s potential is not very high, because the fortification happened inside the internal movement structure, as opposed to the whole upward trend, which started at $406.

A trend will continue as long as one side of the market holds the advantage. If the $417 level is disrupted, the upward trend will most probably end, and there will be a turn to decline until the minimal point of $414. A break through the $417 resistance may sow doubts among buyers with regard to further development of the trend and they will start closing their positions impulsively.

BTC/USD price chart 3

This is why the key level protecting the whole upward movement is going to be $417. That is the most likely decision point between a recoil or a turn to decline.


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