Bitcoin(BTC/USD) Update 18/07/2017: Has Trend Changed From Down To Up????

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