Bitcoin Price Analysis (Week of May 29th)

After an almost month-long correction toward the upward trend, Bitcoin has continued its long-term upward movement. What is the nature of that growth, and what should be expected now?
The current growth was anticipated
The possibility of the long-term upward trend contuing was evident since May 22. The likelyhood of that movement was determined with the help of a number of interconnected analysis instruments. The market is cyclical. Every movement contains another one, of a lower scale, within itself. The traders’ behavior is manifested in that. The big picture of the market’s sentiment can be determined through the use of instruments, which are capable of separating movement cycles of different scale from each other. That’s what we did on May 22. Firstly, we have determined that the movement at that time was a correction, as there was no turn on a medium-term scale. For a turn to decline Bitcoin’s price had to first break through an important resistance line at $440, which didn’t happen. And secondly we have analyzed the intraday trend and found a key level, from which the price has later started its movement.

This post was published at Coin Telegraph on 2016-05-29.