Bitcoin(BTC/USD) Update 16/01/2018: Sellers Have Upper Hand, But Important Support Holds........

Bitcoin has been facing the pressure of governments from all around the world, be it China, South Korea, India etc.. These pressure are now putting pressure on Bitcoin, it some how fighting or we the people fighting but pressure is really on. Yesterday's session was also little bit volatile as Bitcoin closed in red after trading in green most of a day. currently, Bitcoin is trading at $13116, down 474 point or -3.5 from yesterday's close of $13590.

Lets take a quick look on chart below to get technical idea of things going on in Bitcoin......

Visible Pressure

Descending Channel On chart above is signifying the pressure of selling/sellers in this script. Though the volumes are low in this down phase, but still this also indicate low participation of buyers than sellers which is why this script is scaling down. 

Neutral to Negative Bias

Moving averages on chart above are in contraction mode which has changing its bias from neutral to bit negative. Moreover, Bitcoin is trading below 50 days EMA( $13728 level) which is bearish signal for any script. Bitcoin is also trading below horizontal support of $13609 level which is again adding to negative bias.

Important Support is Holding

As discussed in previous update i.e. https://steemit.com/bitcoin/@jimmyrai28/bitcoin-btc-usd-update-13-01-2018-bounced-backed-from-major-support-level, a level of $12847 is important in deciding or changing a LONG TERM TERM trend and this level of support is still holding the downward pressure in prices.

Conclusion

Its clear from above analysis that Bitcoin is undergoing a bearish pressurized phase which is due to low participation of buyers. Sellers are also finding hard to change its overall trend by breaking important support level. Untill important support of $12847 hold traders can play for bounce back but investors need to wait for change in short term downtrend.

With that said I am winding up this analysis.

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