BTC/USD (XBT/USD) in possible downtrend channel
Updated
Look closely at BTC/USD on the daily chart and you'll see Bitcoin seems to have entered a downtrend channel. If it keeps going like this, I would say the next price target would be around $11,500/$11,000, although don't count me on this. I have family/friends with BTC holdings so despite being personally against it, this analysis is nowhere near biased. Please do check for yourself however before touching it. Last lower trend-line rebound was around $12,500 with RSI (7) being around 30 (oversold). Bitcoin began to collapse on the upper trendline around the $17,000/$17,500 level with RSI (7) being around 70 (overbought); currently, with Bitcoin being around $14,800 as of writing this, RSI (7) is at 43. So, Bitcoin may be in negative territory, and there may be scope for further decline until the $11,500/$11,000 mark IF it follows the possible downtrend channel.
Note
So clearly BTC has hit the $11,000 target, and declined further to test the support level of $10,000. Right now as of writing, Bitcoin is testing the $11,000 level after rebounding from $10,000. RSI (7) is currently at 52 even though Bitcoin is at $11,000. In terms of market rules/theory, it (should) climb back to the upper trend line, where it would bounce of there and fall as far as $9,500/$9,000.
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