Chart analysis 4 BTC, Gold, Steem - November 3rd, 2017 @ 7pm PST

Hello all, here is my overview/thoughts regarding the charts I was looking at this evening.

This is a plain weekly chart of BTC, it only has a heiken ashi trend analysis on the candlesticks. Quite a move to the upside that nobody really expected.

Same BTC weekly chart with a fibonacci analysis added, the high and low numbers are indicated with the green arrows. The low is the black line which is ~$175 and the high is the gold line at ~$3000.
That projected a 1.618 level (blue line) of 4750 which it hit, corrected and eventually passed.
The next projected level of 2.618 (upper red line) is around ~$7574

A closer look at the daily chart with trend lines added. The breakout over the upper trend line is clear and is typically not 'normal'.

Although no asset follows technical analysis patterns perfectly, I've noticed that the crypto market is generally more volatile with moves that are usually not seen in the conventional markets.

My speculation is that it reaches somewhere near the $7574 area and has a correction. Where it corrects to is what every technician is looking at as those interested in taking a position is looking to buy. The 50 day moving average may be a good initial pullback target with the last major high setting another major support level.

From coinmarketcap, the total crypto market cap has BTC on the rise and all of the 'alt' 'coins' heading in the opposite direction. BTC has 61.16% of the total crypto market cap.

Lets take a look at this years BTC return, it is 'only' up $6369.78 for 893.68%.

I think there is no doubt that BTC has been the go to alternative investment for those that do not want to keep their fiat in a bank. The 0.005 return in a bank is dismal and some do not want to put the money in the conventional corrupt markets. Purchasing Gold has it's own drawbacks and has taken a back seat to BTC.

Speaking of Gold, it's like watching paint dry... It still needs to catch a bid and break over the $1375 level to continue the longer term uptrend. The federal reserve may execute another interest rate increase in December which will probably impact both the US Dollar and the precious metals markets.

Steem has had an interesting week as it was trading below the lower trend line. It has since rebounded but is not out of the 'woods' yet. Let's see what happens to the 'alt' coins after BTC's Segwit2x in a few weeks.

Happy Friday!