Bitcoin Price Analysis 23rd July.
Downtrend confirmed!!
Analysis from 23rd July was correct.
Here are some charts supporting this.
Chart parameters:
Chart 1: 15 min candles + SMA Simple Moving Average
50 day moving average moving down definite sign of continued downtrend.
15 day moving average moving significantly lower signaling a move down a level.
Chart 2: 2 hr candles + Exponential Moving Average (EMA)
EMA (red line) moving below price signaling further downtrend.
MA pointing downward signaling continued shorterm downtrend.
Chart 3: 2 hr candles no indicators
Definite head and shoulders forming with possible bounce back at $2350.
Further declines would lead to $1900 again.
Conclusion
Definite continued downtrend with unknown recovery time.
Level to watch for trend change are $2350>$1950>$1570.
The lower the fall the faster the bounce-back.
Ok so downtrend it is,pity the time it comes at makes trading even more riskier.
Luckily Bitrex seems to have adjusted withdrawals so profits might be saved with alt-coin trading.
For more on Bitrex's withdrawal situation see @mrbearbear post :PSA: Bittrex is now allowing BTC withdraws and deposits.
If you would like an explanation on Trading Analysis @wolfofpoloniex has recently joined Steemit and has posted an extensive article on the Bare Basics of Trading Cryptocurrency.
Thank you for taking the time to read this and i hope this information benefits you.
Here is links from my previous Analysis.
Is Litecoin breaking out or falling down?
Price Alert Ripple , Bank of England successfully tests new payment method (FT)
PRICE WARNING Bitcoin Network Increasing
WARNING Litecoin traders on Poloniex
WARNING Litecoin traders on GDAX
I think the downfall would continue until some final decision is made about bitcoin splitting issue or the differences between miners and developers fade away. Notorious 1st August will decide the fate of bitcoin. Till then I would suggest to keep your funds in USD to avoid any big losses.
I agree with your comment on the further declines.
There doesn't seem to be any indication as of yet as to the miner adoption of BitcoinCash(BCC) and with the exchanges halting and slowing withdrawals market faith is very low.
The point you make on keeping funds in Bitcoin(BTC) is the most sound and safest option but if you do this you will not benefit if both BTC and BCC manage to co-exist and both develop separately due to each having there on utility and different structure.
In the words of George Micheal = You got to Have Faith
comprehesive TA. very helpful
upped price, more up 3500$ o more
eventually i am sure $3500 and even up to $5000 in the near future,but for that to be possible needs the market to support which wont happen the effect of BitcoinCash is clear
helpful information
Upvoted by Emma
thanks Emma your the best :)
I really like your new motivational post.
great post, isacoin as usual!
thanks the next will be better :)
Very good analysis @isacoin. Thanks for the info regarding the levels to watch for trend change. Keep up the good work. Thank you.
I got a bellyRub and this post has received a 4.35 % upvote from @bellyrub thanks to: @zeartul.