The analysis of the price of bitcoin: is this just a correction or a reversal towards the upward direction is?

                  

 Regained bitcoin nearly 13% of its value after falling to a new low for the year 2018, the question remains here is whether the current rally is just a rebound to my satisfaction or reversal towards the upside?

Market Overview

After reaching the last week, it seems that bitcoin has gained enough momentum in the short term to try to reverse the downward trend. But, it's still unlimited after at this time. Still the outlook for the price of bitcoin downward significantly so that the currency has seen a decrease of almost 70% of the highest ever level, and still most of the indicators of long-term biased to the downside.

And bitcoin in case downward, as is usual, I have bitcoin, it is after the appearance of the candle is positive outside the frame of daily, tend currency to trading in a non-stable to some extent during 48 hours to 72, before to finish any higher up or lower down. Fortunately, was the change in this time to the top, the currency rose the key to 6,681 $ on 2 July.

The graph for 4 hours.

                 

 As the chart shows for the last four hours, it formed a bitcoin bottom of a double, breaking above the neckline at $ 6,250., where he followed gains towards the level at dollars. Has turned the expectations of bitcoin in the near term, the downtrend to the upside, With the gains towards the level of $ 6,500. Has turned the expectations of bitcoin in the near term, the downtrend to the upside, as breaking the barrier of $ 6,500 may result in a profit to the investors, in the case reached a bitcoin or exceeded the level of $ 7,000.And shows that the moving average MA to 20 a day higher than moving average 50 day, where the pointer sharply to the highest since that showed the price of bitcoin green candle long on 29 June. So, with the presence of more excitement, we have all come to expect to predict analysts this week the implications of a high prices bitcoin, but it would be wise to remember the investors is that bitcoin is still under the influence of the descending triangle with a strong resistance to go up when the price of 6,750 USD. And the currency of the momentum of the big break moving average 50 day barrier 7,117 $ and move to 7380 $ out of the case of the downlink, which has continued since January of 2017.As a follow up to what happened in the last week, should investors continue to monitor the trading volume closely. With every sharp downturn, decreases the size of the house significantly, which may indicate the exhaustion of the energies of the part of the sellers. Show signs of selling in bitcoin in the currency of key resistance levels.

The chart on the daily level

                   

 At the time of writing this article, it seems that bitcoin will change the resistance of the descending triangle when the price of 6,767 USD, may continue this course to get the price of 7000 dollars, in addition to the arrival of the moving average 50 day at a level of 7,100 dollars in the near term.Although this reversal in the short term is good and the traders are screaming with joy, but the long term indicators remain biased towards the decline, it is likely that bitcoin will not exceed the moving average for 50 days, and they will continue the downtrend towards 5500 – $ 5000.

Bitcoin looking for to achieve the goal of price

It seems that bitcoin will the descending triangle when 6,767 dollars, but it may move offices when the moving average 50 day (7,100 dollars). As the volume of trading is still the main indicator of this analyses, and support any positive breakthrough by purchasing large quantities sustainable.Again, the status of the work of Major General short-term is still positive provided that it remains above the neckline at 6.250$, which represents the double bottom of the last. In the case of falling under this price, it is likely to resume the decline towards 5500 – $ 5000.