Bitcoin (BTCUSD) is breaking below a 2 month triangle support line (on the daily chart) today, and at risk this week of breaking below triangle support (on the weekly chart). Significantly, the weekly MACD appears to be trying to negatively cross, with its histogram approaching zero. Nevertheless, with the daily and 4hr RSI and Stochastics becoming oversold, there is a decent chance BTCUSD will bounce later today or tomorrow back into the daily chart triangle before forming a lower high. A more decisive break of the weekly chart's triangle support this week will likely trigger a major downturn.
Bitcoin (BTCUSD) Weekly/Daily/4hr
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Before the launch of Tradable Patterns, Darren Chu, CFA, served as IntercontinentalExchange | NYSE Liffe's country manager for Australia, India, and the UAE between July 2010 and January 2014, expanding his role to look after Liffe business development in APAC ex-Japan/Korea until his departure mid April 2014. His primary remit was developing relationships with Liffe clients, prospects and partners in the buyside (traditional and alternative asset managers), proprietary trading (high frequency algo as well as manual, point and click traders), bank, broker (institutional and retail), commodity trader and ISV community. Key futures and options promoted included European/London rate benchmarks such as the Euribor, Short Sterling, Gilts, London/European index futures including the FTSE and CAC, London soft commodities (Robusta Coffee, Cocoa, White Sugar), Paris (MATIF) markets (Milling Wheat, Rapeseed), and NYSE Liffe US markets with the MSCI EM, MSCI EAFE, gold/silver, Eurodollar, US Treasury and GCF Repo futures being the focus.
Previously, Darren was with the TMX Group | Montreal Exchange for 4 years, marketing Canadian futures and options across North America, London, Singapore and Hong Kong. Darren also launched and managed CMC Markets Canada's Chinese marketing and sales team, along with educational offering. On the academic trail, Darren has been a frequent guest speaker at Canadian universities as well as an author of content for 3 derivatives courses offered by Canadian Securities Institute and mandatory for licensing of Canadian derivatives industry professionals.