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

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

 

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

 

Click here for today's technical analysis on Cocoa

 

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