Bitcoin (BTC/USD) Weekly/Daily
Bitcoin (BTC/USD) slid yesterday on more profittaking, and now sits just above where it had broken above the daily chart’s downchannel resistance. On the weekly chart, with last week’s massive rally, the BTC/USD appears potentially to be in the late stages of a bullish flag pattern. With the August 1st fork looming, and daily RSI, Stochastics and MACD tiring, BTC/USD can be expected to continue consolidating today ahead of this key date. Although the negative weekly MACD crossover has proved a false signal for now, longer term bulls will want to see the weekly MACD cross back positively. Odds are quite good that a sustainable longer term BTC/USD bottom was found last week, especially with ETH/USD having rebounded off the key 61.8% Fib retrace of its rally since the beginning of the year.
Ethereum (ETH/USD) Weekly/Daily
Ethereum (ETH/USD) slid yesterday on more profittaking, and now sits near where it had broken above the daily chart’s downchannel resistance. Although still vulnerable in the next several weeks to more downside as the weekly MACD remains in the early stages of a negative crossover, odds are quite good though that downside ahead of the Aug 1 Bitcoin (BTC/USD) fork will be limited to the 61.8% Fib retrace of the rally from the beginning of the year, or to the low 2 weeks ago. The strong BTC/USD rally last week will continue providing some psychological support to ETH/USD, and key for ETH/USD bulls will be whether BTC/USD can break above what appears to be bull flag resistance (on its weekly chart).
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