Bitcoin has given a really nice pull back from lower levels. This pullback was on expected lines though, but still need to be dare devil playing contra trend which was down. Bitcoin currently is trading at $2354 or up 5.3%. Those who have played that contra move or this pull should book their profit as bitcoin is approaching important resistance levels
Now the question, has trend changed?? To answer that lets take our attention on chart below.......
In chart above their are following things to notice, which helps us to identify answer for headline question:-
- Falling Channel: Bitcoin has been following this channel in its downtrend. AS one can notice on chart above that support level of $1896 was also a point of support from lower falling trendline of said channel, that is why i said in introduction that thiggs pull back is in expected lines as its often seen that script tends to gives such correction in its downtrend after testing important support levels. So, now after hitting lower level, Bitcoin is approaching higher point of this channel. But still overall trend is down and it will only be consider up or change when Boitcoin sustain above after breaching this channel on upside.
- Support 1: This prior support at level $2415 on chart above is now a resistance. That level has provided a solid support to bitcoin and it may prove equally hard level to breach on upside. So, close above $2415 level is another barometer for change in trend.
- Bullish Crossover : In this downtrend 10 Days EMA crossed 50 Days EMA on downside thus confirming downtrend; so now 10 days EMA must cross days EMA on upside to confirm uptrend.
________________________________________________________________________________
Now The Conculsion
In conclusion its clear that trend has yet to change from down to up. Though Bitcoin has given decent pullback but such pullback are normal features in downtrend. It need to cross important level as discussed above to confirm change in trend. But from trading point of view seller should use this pullback to short Bitcoin when it reaches close to $2415 level with stop loss above $2450, but risky traders can short at current level with stop loss above 50 Days EMA or high of today's session i.e. $2365.
________________________________________________________________________________ If you like my analysis do not forget to upvote, follow, comment@jimmyrai28
if not then criticize, this also will be highly appreciated.
You can also drop a comment in 'reply' if want you want me analyze any script of your choice.
Now you can also find me on discord channel: https://discord.gg/VvHmhvH
If you wait for the dma cross, you get in very late and already missed many 100 $.
yep thats true, that is why that option is at least preferable count
I would say its smart to wait a few days and buy when the price drops next time. It might go even lower, I have heard that it may fall to as low as 1400$ because of the panic around the fork. If SegWit goes through and bitcoin stays together, it will probably go back to at least 2500 soon, so this may still be one of the best times to buy in a while. I will wait until around 29 of july before I buy more, since I already have most of my money in cryptos.
That was good advice sir. BTC has stalled out at the previous top and we are still in a the downtrend on the daily that recently formed, showed in my BTC post today.
☺
Kya baat hai , wah
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by jimmyrai28 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.