Bitcoin (BTCUSD) Breaks Below 4000, Testing Month Plus Upchannel Support

Tradablepatterns's picture

Bitcoin (BTC/USD) Weekly/Daily

Bitcoin (BTCUSD) appears to be ending its month long rally from just below the 2k level, as it threatens to break an upchannel support (on the weekly and daily charts). Significantly, BTCUSD is forming a red weekly candle with its trading range thus far below last week's Doji body. If BTCUSD breaches the weekly/daily chart upchannel support today, the current weekly red candle will likely continue lengthening potentially forming an Island Reversal pattern consisting of the last 2 weekly candles (and the current). Significantly, the all-time peak last week coincides with the 2.618 Fib extension that could have been drawn based on the May to July sideways channel low and high. With the daily RSI and Stochastics turning down from overbought levels, and the daily MACD negatively crossing, a decent chance exists for the daily/weekly chart upchannel support to be breached today. An upchannel support break would accelerate profittaking resulting in the weekly MACD blue line quickly flattening and turning down perhaps by late week.

 

Bitcoin (BTC/USD) Weekly

 

Bitcoin (BTC/USD) Daily

 

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sudzee's picture

Unbacked fiat experiment  saw gold rise from 35 to 750 inthe 70's. 46 years later most of the world knows nothing but fiat. "Money" from nothing gave elites unparalled power while peon got it up the ass. The pure fiat experiment is over. Physical assets have been devalued to prop up "money". Cryptocurrency is no different than fiat except that it is growing because 6billion people realise fiat is slavery. 

Yellow_Snow's picture

Just a hiccup, now Gentlemen, strap yourself in...  ) ----->>>

sudzee's picture

Last 24 hours 9.5 billion traded. New money comin in as the fiat CONN has lost its luster. Look forward to 50 and 100 billion in daily trading. Holding until 1 bitcoin buys 1 kilo od gold.

Secret Weapon's picture

The central banks have destroyed our money systems once again.  Crypto currencies are potentially the solution to the problem of debasement. Hopefully a gold or silver backed crypto that cannot be devalued is in our very near future.  Till then, expect many growing pains. 

ItsAllBollocks's picture

Don't listen to the skeptics. Keep on posting.

Cheers...

Lego Brave's picture

China wants more gold. Keep talking bitcoin.

Lego Brave's picture

No one cares. Please keep Zerohedge posts to things that are important. Not distractions.

thedespised's picture

Are people still this dumb?  People care dude. Just because you are stupid, doesn't mean everyone is.

echoes's picture

BTFD old-fart boomers !

VD's picture

technicals for Tulipcoin? buhahahahaaaa... when Deep State pulls the plug on this all the poor crypto-muppets will be fleeced...

 

and yes, the old farts need to be piled in a bit more....a Tulipcoin etf....

thedespised's picture

Sigh. You are aware why it's different, right?  It's more limited than gold. It's not tulips, and it/s NOT in central control It's decentralized.  Fucking people who don't understand this tech are gonna hit themselves when they finally realize that it's the ENEMY of central banks, not a tool (bitcoin specifically).  Wake up you're gonna feel so stupid soon.