Bitcoin (BTCUSD) Testing 2 Month Uptrend Support Line

Bitcoin (BTCUSD) is down almost 10% today at the time of writing, and is testing a 2 month uptrend/triangle support (on the daily chart). Before bears get overly excited, they'll want to see a violation of a slightly longer dated triangle support line (on the weekly chart). Nevertheless, key to deciding the next few weeks of price trend will be whether BTCUSD bounces off the weekly chart triangle support, and if so, whether BTCUSD can power above the same triangle's resistance. Given how the weekly MACD appears to be in the early stages of trying to negatively cross, odds favour a break to the weekly chart triangle support line's downside in the next week or so, signaling a major reversal lower particularly as a massive rotation continues from BTCUSD into ETHUSD and other alt coins. Looking at the 4hr chart, BTCUSD is testing a horizontal support around 13000, which coincides somewhat with a downchannel support line (slightly below). Further weakness today should be limited by the horizontal support around 12000.

 

Bitcoin (BTCUSD) Weekly/Daily/4hr

BTCUSD Weekly 4hr Technical Analysis

 

BTCUSD Daily 1hr Technical Analysis

 

 

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