Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Bitcoin (BTC/USD) Nears All-Time High on Spike Above Daily Chart Downchannel Resistance

Courtesy of ZeroHedge. View original post here.

Bitcoin (BTC/USD) crushed shorts yesterday, smashing above the daily chart's downchannel resistance and soaring towards the all-time high around 3000. With yesterday's massive rally, the negative weekly MACD crossover has been proved a false signal.  Odds are quite good that a sustainable longer term BTC/USD bottom was found last week, especially with ETH/USD also strongly rebounding this past week.  Some consolidation can be expected today with daily RSI and Stochastics tiring, although with daily MACD just having positively crossed, more upside can be expected early next week resuming BTC/USD's attempt to regain its all-time high.

Bitcoin (BTC/USD) Daily Chart

Bitcoin (BTC/USD) Daily

Ethereum (ETH/USD) rebounded strongly yesterday, reversing Wednesday's profittaking, and reinforcing the break Tuesday above the daily chart's downchannel resistance.  Although still vulnerable in the next several weeks to more downside (as the weekly MACD – not shown in the accompanied daily chart – has just negatively crossed this past week), odds are quite good though that the weekly MACD negative crossover has been a false signal.  The ETH/USD bounce off the 61.8% Fib retrace of the rally from the beginning of the year has been reinforced by the very powerful rebound in BTC/USD this past week back towrads its all-time high.  Further offseting ETH/USD's negative weekly MACD crossover is the rallying or bottomish daily RSI, Stochastics and MACD.

Ethereum (ETH/USD) Daily Chart

Ethereum (ETH/USD) Daily

Click here for today's technical analysis on Cocoa

Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures, spot FX and cryptocurrency markets can be analyzed to enhance trading performance. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and cryptocurrency markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!