michaeldobfx
Short

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
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out