The current short-term upward trend can actually be a correction within a downward trend. Will the upward dynamics continue?
Bitcoin’s price is at a critical level
Bitcoin’s price has stopped at a key medium-term level, where the following direction will be decided. This level is the place where the largest downward trading volume has accumulated.
The market is still undergoing a short-term upward trend, but there is always a chance of a turnabout. The most probable point for a turn is the level with the largest volume - $417.5. If the price holds at that level and forms a turn to decline, the market is likely to continue moving towards $409.
If, however, the level of $417.5 serves as a support line, which the price will bounce off, then the next key confirmation of an upward trend will be the level of $421.6. That is the most profitable price for the bears, and that mark will serve as the point of formation for large positions. Bitcoin’s price will have to hold at that mark and form a turn to growth, for further movement towards $428 to become possible.
Thus, the current upward trend is likely to continue, if there will be no turn at the level of $417.5 (BITFINEX).