Bitcoin Technical Analysis: Prices Stabilize After Huge Selloff
Bitcoin is finding near-term support at it's 100 day price moving average after crashing over 25% in the past day. Fear and uncertainty has grasped the markets this week following ICO bans in China and bearish outlook from financial leaders.
BTC broke support at $4,000 and has fallen nearly $800 on aggressive selling this past week. Further bearish sentiment looms however in the broader crypto markets. Bitcoin prices may fall further to re-test its longer-term key support price of $3,000, which also corresponds with a 61.8% Fibonacci retracement off the September 2nd all-time highs of $4,980.
Great analysis.
Thanks
I agree with you that we could go down to 3000 in the short term although it could bounce back to 3600 now. According to my technical analysis we could see a rebound from current levels (3400), may be up to 3600 and then it will go down again due to strong suppor at that price. That is the short term. On the medium term we could be completing Elliot Wave 4 which means that only Wave 5 left before a long term bear market starts which with Fibonacci analysis takes us down to 1800 jan-feb next year
Here is my technical analysis
https://steemit.com/bitcoin/@freedomvigilante/is-bitcoin-going-to-recover-from-this-crash-technical-analysis-with-ledger-levels-fibo-and-elliot-wave
Great analysis! Thanks for sharing it. I agree BTC could trade back down to $1,800. That was also support from back in July. I'd be a buyer at those prices.
Thank you for your sharing
Nice chart! I've resteemed and upvoted your post. Steem on! @snapcharts.
Wonderful Post. Thanks for sharing this post.
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Bitcoin best
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