The bitcoin weekly chart is still in a downtrend, with a lower peak followed by a lower trough. The current leg looks to chart another lower peak (LP?) in the series. It will be interesting to see if the price then charts a higher trough (HT?) or not, as this will have ramifications for the cryptocurrency's primary trend.
The daily chart on the left shows a potential rising wedge (green converging lines). This pattern is a bearish continuation formation and will lock in the lower peak as above if it completes. The chart on the right shows the bitcoin hourly chart. Here, the trend following EMAs have crossed down, as has the momentum oscillator (black ellipses). The R2 pivot is proving to be the short-term critical level of resistance. If the stochastic falls below 20 and maintains (blue arrow), momentum will be to the downside and push the BTCUSD price lower.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.