Skip to Content
News & Analysis at your fingertips.
Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Is the Bitcoin Party Over? Crypto Threatens Major Reversal

Is the Bitcoin Party Over? Crypto Threatens Major Reversal

To receive Michael’s analysis directly via email, please SIGN UP HERE

Talking Points


BTC/USD Daily Chart

Technical Outlook: Bitcoin responded to a key support confluence this week at 2258 where the 61.8% extension of the decline off the record highs converges on basic median-line support. This threshold may continue to offer a near-term reprieve but the medium-term outlook remains tilted to the downside after Sunday’s breakdown. Interim resistance stands with the monthly open 2465 with a breach / close above the 2017 high-day close at 2667 needed to mark resumption of the broader uptrend.

BTC/USD 240min

BTC/USD 240min Chart

Notes: A closer look at the 240min chart sees bullish divergence into these recent lows, further highlighting the risk for a near-term recovery in the pair (note that the pair is on pace to post an outside-day reversal off the lows today).

That said, look for initial resistance at 2455/65 backed by the median-line confluence around ~2522- both areas of interest for possible near-term exhaustion / short-entries. If the early-month breakdown is an indication of a turn in broader trend, price should not exceed 2640.

Interim support remains with the Fibonacci confluence at 2258/64 with a break below the median-line targeting subsequent support objectives at 2120 & the 200-day moving average, currently ~1996. From a trading standpoint, the immediate risk is for the rebound to drift higher here but ultimately, the outlook remains bearish while within this formation / below the monthly range highs.

Join Michael on July 21st for a Live Webinar on the Foundations of Technical Analysis- Register for Free Here!


Relevant Data Releases

Economic Docket

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.