April was a good month for Bitcoin’s growth. But now its price has reached a point, where that situation may change. The last month of Spring can turn out beneficial to the bears.
When is the trend most likely to change?
After breaking through all key medium-term levels, Bitcoin’s price has reached the long-term resistance line. As we have said many times before, usually a rebound follows after such patterns. The price becomes “expensive” for medium-term buyers which causes them to close their positions to secure profits and the long-term sellers in turn buy those positions out.
Whether there will be a continued upward movement remains to be seen. But we can already analyze the traders’ behavior. For that we need to find a profitable price for the bulls. That price will be at a crossing point between the level of the highest accumulated trading volumes and the top limit of the rebound towards the upward trend, and that is at $428. That level will be profitable for the bulls. And if they are a majority, there will be a rebound off that mark and the long-term upward trend will continue.
If, however, the price fortifies at that level and forms a turn, it will indicate that the bears are holding the advantage. In that case, there will be a long-term downward trend with the minimal target of $375-70.
The fate of the upward trend depends on the bulls’ presence. The structure of the price at the level of $428 will indicate which side is holding the advantage.