Bitcoin is still undergoing a correction towards the upward trend. Will that trend continue or should we expect a turn to decline followed by a sharp fall?
At which point is the upward trend most likely to continue?
Bitcoin’s current rebound may likely grow into a turnaround.
The current price is profitable for the bulls. Thus, the reaction of the price at the current level will indicate with whom the advantage lies on the market.
In order to break the structure of the correction and continue the upward trend, Bitcoin’s price has to enter a zone, which is profitable for the bears. $426 is the point where the largest trading volume has accumulated and it will be a profitable level for those who expect a turn to decline. If Bitcoin’s price fortifies at that level, it will testify to the bulls’ strength. Thus, the upward trend is very likely to continue.
For the trend to start heading downward, Bitcoin’s price has to form a turn at $423.5. For the upward trend to continue, the critical level of $426 has to be broken through.