The price twice tried to break through the existing downward trend, but bounced off the resistance and is currently at 0.077 BTC (130.93 EUR).
Course of Bitcoin loophole fell over the week
A stable downtrend was tested twice, but always held its own. Currently 0.077 BTC (130.93 EUR) is being tested as long-term support for the bullish trend since February. Bitcoin loophole continues to crash. Last week’s outlook has been confirmed and Bitcoin loophole has continued its downward trend. After another missed attempt to break through the existing downtrend, the price has fallen dramatically since yesterday and is now at 0.077 BTC (130.93 EUR) with a bearish trend. This is in so far as dramatic that an important support is currently being tested, which is discussed in the long-term price development consideration.
The MACD (second panel from above) is negative. With the last test of the downtrend, of course, it has risen into the positive range, but today first MACD line (blue), then signal (orange) has fallen below zero.
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The RSI (third panel from above) is at 20 and is therefore not only bearish, but oversold.
Overall, the 60min chart is bearish on price, trend and indicators. An important support can only be mentioned in view of the long-term developments, regarding resistances a rise above 0.08 BTC (136.03 EUR) would be a first sign of hope, if at least the dramatic downtrend of the last few hours were broken. For a development that would be sustainable even on the 60min chart, the mentioned downtrend would have to be broken again at around 0.09 BTC (153.03 EUR).
The long-term price trend of the news spy
The medium- and long-term charts are again taken into consideration for further assessment of future price movements of the news spy. Let’s start with the 240min chart: The medium-term development complements the previous picture: The price has fallen in the last month and is moving in a stable downward trend. What is interesting is the support that is being formed by the price minima at the end of June and on the 11th of July: On the one hand you can see that the gap between support and resistance is getting smaller and smaller, on the other hand support is currently a very exciting limit, if the news spy can prove to be a stable support again.
The MACD is negative, unfortunately the MACD line has fallen below the signal again recently. The RSI rounds off the bearish picture with a value of 29. Overall, the 240min chart is clearly bearish as well. The most important support is defined by the trend line described above and currently stands at 0.073 BTC (124.13 EUR), the most important resistance is the resistance of the downtrend and corresponds to the resistance addressed in the 60min chart.
Finally, let’s look at the 1D chart:
The upward-channel that has been followed since March was breached last week. The 50% Fib Retracement level was also breached. The most important support is defined by the trend line the price has followed since the end of February and stands at about 0.075 BTC (127.53 EUR).
The MACD has dropped further into negative territory. The RSI is currently at 20 and confirms the bearish picture.
The long-term forecast is also fully bearish according to price, trend and MACD: not only the uptrend channel was still not reached, the support formed by the 50% Fib retracement level was breached and now the support line defining the uptrend of the last months is being tested.