BTC technical analysis, Sept 23rd 2017
Weekly chart of BTC w/Fibonacci set with a low of $225 (Black line) in 2015 (not shown) to a high of $2980 (Gold line) in early June this year.
Based on the high/low Fibonacci levels set above, it produced a upside target of $4682, the 1.618 level (Blue line).
The price spiked above the level to $4979 and quickly went on a decline to the previous major high set around the $3k level (Gold line) which provided support.
The Heikin Ashi overlay on the candlesticks are still red which indicates a downtrend, but the decline may be over when looking at the shorter term daily chart. (Stochastics are also on a downtrend)
- The parallel downward lines indicate the path of BTC after reaching it's peak in early September with two of the spike low days outside of the lower trend line. Price is still within the downward trend - bearish
- The 20 dma crossed over the 50 dma yesterday (indicated with the downward green arrow) - bearish
- Price is below both 20 dma and 50 dma - bearish
- The latest Heikin Ashi bar has turned green - bullish
- Stochastics - The K line has turned up slightly - bullish
We have quite the mix of both bullish and bearish signals on the daily chart... IF BTC is to continue the short term uptrend, it needs to break the upper trend line which may be within a day or two. If the trend line provides resistance, further downside prices may be in the forecast in the next few days/week.
I took a look at a few of the top crypto's price action compared to BTC in the chart below. It is a line chart from the start of May this year. Interesting correlation huh?
BTC is red
ETH is blue
Dash is green
LTC is gold
Lastly, here is a look at the percentage of total market cap for the top crypto's from the start of the year to today.
It's interesting to see that BTC had 87% of the total market cap at the start of the year and is now at 47%. ETH had a big move, BTC Cash was 'born' in early August, and the smaller tokens have all gained in market cap. The microcaps 'Others' went from 4% at the start of the year to 12% in September reflecting the 'hot' ICO market.
Happy weekend!
This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
This wonderful post has received a bellyrub of 4.56 % upvote from @bellyrub thanks to this cool cat: @glennolua. My pops @zeartul is one of your top steemit witness, if you like my bellyrubs please go vote for him, if you love what he is doing vote for this comment as well.
Congratulations @glennolua! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
You published a post every day of the week
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP
@originalworks
The @OriginalWorks bot has determined this post by @glennolua to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
To enter this post into the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!
For more information, Click Here!
Special thanks to @reggaemuffin for being a supporter! Vote him as a witness to help make Steemit a better place!