Bitcoin is really consolidating for first time in its life span. By looking at charts, I really never seen Bitcoin staying low after correction for long time. Though It has recover from lows but still trend is down. ( see Chart below)
Clear Downtrend
On chart above one can clearly see that beside today's up day, Bitcoin still need to clear certain levels and formation which is of Lower Highs Lower Lows. Last lower high was at level $16491 and Bitcoin need to clear that level to change its short term trend from down to up.
Support Is Still Intact
Bitcoin has risen after testing support of 50 days EMA(red wavy line) and last Rising Channel. Until and unless support of moving averages remains bitcoin's long term uptrend will not get violated and traders will get benefit by buying at support.
Resistance Zone
Investor should only brace this script when Resistance zone of $15276 till $17707 get breached on upside. Once that happen, bitcoin will surely touch and cross $20k mark.
Conclusion
At last, its cleared that Bitcoin is still in downtrend and recent upmoves are just a wave on upside in downtrend or correction. Trader should grab the opportunity to short Bitcoin at resistance zone and buy at support of 50 days ema. Investors should really wait for clear breakout over resistance zone because if support gets violated than Bitcoin can drop till 8k mark, so its really not wise to jump before gun.
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You are perfectly right! I think if bitcoin break 16k wall will stop at 20k-22k! :D
Thanks for appreciating
This Post was Awarded a 100% COIN MAN Up-Vote...
COIN MAN by @pocketechange
Yaeh what you are analysing is perfect..it will grow upto 25k usd like that and ..stable their for some days and fluctuates up and down...but in future it will be grows very high
Take one step in sync with time, have your view but act only according to charts.
Thanks for visiting
Ho ok...thank you..
inportent one thank you for shere this inportent thinking
You are welcome
yeah your right.
your resource is great
Thanks
great one best of luck
I see you understand the question. what do you think about cuKoin?
you mean curecoin?????
i mean Kucoin Shares (KCS) and partners on carnaval
Sorry Buddy unable to find its chart and without chart i am unable to help. If u hve chart or knows which exchange provides its chart plz text me its link , i will surly help then
https://coinmarketcap.com/currencies/kucoin-shares/
can you help me&
can such an event affect the price growth?
https://steemit.com/cryptocurrency/@coinbizpro/attention-the-kucoin-carnival-is-about-to-begin-discussion
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