Bitcoin has had a good fall over the last few days falling from a high of 12400 odd levels to 10,000. So is the upmove over or is this a correction in an uptrend?
Let us first analyse the weekly charts with the 30, 40 and 50 weekly moving averages (MA). The 30 moving average is above the 40 moving average which is above the 50 moving average. This is clearly bullish.
If we look at the hourly charts with the 34 moving average it is now making lower tops and lower bottoms. This is a downtrend in the short term as per Dow Theory. This will get negated once Bitcoin crosses above 10600.
So basically we are having a shorter term downtrend within an uptrend in a larger timeframe. Above 10600 Bitcoin should resume its upward trajectory.