BTC/USD (XBT/USD) in possible downtrend channel

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Look closely at BTC/USD on the daily chart and you'll see Bitcoin seems to have entered a downtrend channel . If it keeps going like this, I would say the next price target would be around $11,500/$11,000, although don't count me on this. I have family/friends with BTC holdings so despite being personally against it, this analysis is nowhere near biased. Please do check for yourself however before touching it. Last lower trend-line rebound was around $12,500 with RSI (7) being around 30 (oversold). Bitcoin began to collapse on the upper trendline around the $17,000/$17,500 level with RSI (7) being around 70 (overbought); currently, with Bitcoin being around $14,800 as of writing this, RSI (7) is at 43. So, Bitcoin may be in negative territory, and there may be scope for further decline until the $11,500/$11,000 mark IF it follows the possible downtrend channel .
Comment: So clearly BTC has hit the $11,000 target, and declined further to test the support level of $10,000. Right now as of writing, Bitcoin is testing the $11,000 level after rebounding from $10,000. RSI (7) is currently at 52 even though Bitcoin is at $11,000. In terms of market rules/theory, it (should) climb back to the upper trend line, where it would bounce of there and fall as far as $9,500/$9,000.
outstanding TA! good job
+1 Reply
I think others are being far too optimistic about the next few days. $10k is hopefully the worst case scenario otherwise the whole market will suffer significantly
+2 Reply
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out