Bitcoin (BTCUSD) Breaking Daily Chart Upchannel Support
Bitcoin (BTCUSD) Weekly/Daily
Bitcoin (BTCUSD) is down more than 15% (at the time of writing) from yesterday, and more than 30% off the peak last weekend just shy of the psychologically key 20k whole figure level (on Bitstamp). Significantly, BTCUSD has just broken upchannel support (on the weekly and daily chart), with this week’s weekly candle reversing all of last week’s gains and then some. The daily MACD is negatively crossing, which combined with the strongly downsloping daily RSI and Stochastics suggest more downward pressure today. Although bears are increasingly in control having broken the 6 week upchannel support line, with the weekly MACD blue line still sloping slightly up, BTCUSD could very well shrug off the upchannel support break this weekend, clawing back into the upchannel briefly and forming a lower high next week. If the weekly MACD blue line flattens and turns down this weekend, longer term bears will have plenty to feast on in early January.