Has an Upward Trend Started on the Bitcoin Market?
Bitcoin price analysis on Cointelegraph.
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.
The price has displayed fortification in the mid-day structure and a natural growth impulse followed.
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.
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.