Bitcoin (BTCUSD) Testing Daily Chart Upchannel Resistance

Bitcoin (BTCUSD) Weekly/Daily

Bitcoin (BTCUSD) was rejected yesterday at upchannel resistance (on the weekly and daily chart), and may see a few days of profittaking as hinted by the daily MACD histogram sliding down.  A stronger selloff could quickly coincide with the daily MACD negatively crossing.  Nevertheless, longer term bulls will take comfort in the weekly MACD still sloping strongly up.  I suspect that after the next few days of consolidation, BTCUSD bulls may try once again to reach the psychologically key 20,000 whole figure level (which BTCUSD nearly did with a rise to over 19500 last Thursday on GDAX) ahead of the highly anticipated CME Bitcoin futures launch Monday (Sunday night Chicago).  For those who haven't seen the BTCUSD price performance relative to other bubbles throughout history, or for those who are buying out of FOMO (Fear of Missing Out), take a moment to review the following chart.  

Bitcoin Tulip Bubble

 

BTCUSD (Bitcoin) Weekly Technical Analysis

 

BTCUSD (Bitcoin) Daily Technical Analysis

 

 

Ethereum (ETHUSD) Weekly/Daily

Ethereum (ETHUSD) is seeing strong profittaking today, forming what appears to be upchannel resistance (on the daily chart).  The rally yesterday to just above 700 fulfills the 300 in gains that could have been projected based on the approximate height of the ascending triangle (as calculated from the mid May low of 100 to the triangle resistance at 400), and the point of triangle breakout at 400.   After another day or so of further consolidation, ETHUSD may want to retest the same upchannel resistance at 700 especially as BTCUSD stands a decent chance of reaching for the psychologically key 20,000 whole figure level (which BTCUSD nearly did with a rise to over 19500 last Thursday on GDAX) ahead of the highly anticipated CME Bitcoin futures launch Monday (Sunday night Chicago).  The weekly and daily MACD are still sloping strongly up, suggesting bulls will continue buying on pullbacks. 

 

ETHUSD Weekly Technical Analysis

 

ETHUSD (Ethereum) Daily Technical Analysis

 

Click here for today's technical analysis on USDCAD 

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