Bitcoin Price Analysis 5/10/2016

Bitcoin’s price has bounced off a significant resistance line. The basis is now formed for a medium-term upward trend.

When can an upward trend begin?

A second rebound off the top level indicates that that price is used by the majority of traders, who are expecting a similar fall to the one we’ve seen earlier.

Consequently, if the advantage at that level is held by the bulls, a larger scale movement will be likely to begin. The main condition for that is a rebound off the level of $455.5. Thus, the upward movement will have a good chance to grow into a powerful impulse. In case of fortifying at the level of $455.5, the dynamic has a good chance of turning to decline; there will probably be a continued fall toward $445.

The $455.5 resistance line is the level where the medium-term trend can be decided.