Bitcoin’s price is forming a short-term flat before a new surge. This sideway movement is a rebound towards the upward trend, after which there will be a chance for the price to reach the $640 mark.
The advantage remains with the bulls. That is indicated by the behavior of the price at key levels. Upward rebounds at the level of $563.7 show that there is enough support for a future trend. If that short-term flat is a part of a larger movement, the following growth dynamic is quite likely to reach $640, the next long-term resistance line.
But the situation could change. If Bitcoin is going to be traded for a long time near $563.7, it could influence the majority of the traders, and the bears will take the advantage. In that case, there will be a deeper downward correction. The level of the flat and the diagonal channel serve as support lines for the upward trend. If a turn to decline doesn’t form at that point, the structure of the movement toward $640 will remain intact.
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