Bitcoin(BTC/USD) Update 03/01/2018: Trying To Recover Lost Ground........

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.

____________________________________________________________________________

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  

 One can also resteem and get free upvote their post by just replacing http:\\  with re in their post link.