Bitcoin Daily – September 04, 2017 - More Upside Potential

Bitcoin once again produced a new all time high near $5000, after which it corrected back towards 23.6% Fibonacci retracement. This could be a very short corrective wave down and BTC price might continue going further up towards next resistance near $5300.

At this point key support is at $4200, that has been rejected today. If that support holds more growth should be seen shortly. Although break below $4200 could extend the downside move.

The current trend remains heavily bullish and no strong correction down is expected.