Ethereum (ETHUSD) is forming its 1st red weekly candle in 6 weeks as profittaking kicks in after ETHUSD briefly tested the psychologically key 400 whole figure resistance level. With the current red weekly candle quickly lengthening reversing most gains over the last 2 weeks, a bearish Island Reversal is forming. Significantly, ETHUSD is arguably breaking upchannel support (on the weekly and daily chart). The daily chart provides a clearer set of warnings for bulls with the RSI, Stochastics and MACD decisively sliding lower. Nevertheless, with the weekly MACD red line still flattish and yet to turn down, bears may soon lock in profits and trigger a short-covering rally at some point in the next day or so. Any bounce will be short-lived with longer term bears having gotten the upper hand with today"s weekly/daily chart upchannel support break.
Bitcoin (BTCUSD) is forming its 1st red weekly candle in 6 weeks as profittaking kicks in after BTCUSD briefly tested the psychologically key 5000 whole figure resistance level. While the red weekly candle is still just beginning to form, and far from being bearish just yet (given its small body so far), the technicals on BTCUSD can rapidly change within a day given its volatility. Although the daily chart is appearing bearish with the RSI, Stochastics and MACD tiring, the weekly MACD continues sloping up suggesting there may be a bit more upside in the next day or so before the bulls throw in the towel and bears become more aggressive. Significantly, BTCUSD is testing upchannel support (on the weekly and daily chart), and has a high likelihood of breaking upchannel support based on Ethereum (ETHUSD)"s break today of a similar upchannel support on its weekly/daily chart.
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