Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorBitcoin Price Analysis: 4/29/2016
MagazinePublishedApr 29, 2016
After a sharp drop, Bitcoin has reached a key point, from where the medium-term trend could continue. What is necessary for that continuation?
After a sharp drop, Bitcoin has reached a key point, from where the medium-term trend could continue. What is necessary for that continuation?
Will the upward trend continue?
The short-term downward trend was just a correction towards the upward trend. That’s why there was a rebound and the upward trend still has momentum.
For the upward trend scenario to become as likely as possible, two things need to happen. First, Bitcoin’s price has to fortify at the level of $450 and form a turn. Second, the market has to avoid a downward scenario with a fortification and a turn at the level of $446. Otherwise, the upward structure will be disrupted and the corresponding trend will become unlikely.
The upward trend will most likely continue, if Bitcoin’s price doesn’t form a downward turn at the level of $446.
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