Bitcoin price action for 9/25 (BTCUSD)

in #bitcoin7 years ago

Lets take a look at the Bitcoin price action since my last update on Friday. Below is a 4-Hour chart and as we see there was a bullish engulfing candle on 9/22 at the 50% retracement. A good time to get in with a tight stop. Price then continued higher over the weekend (while I was camping with the Boy Scouts) in a beautiful ABC pattern till today.

BTC_retrace_92517.PNG

This morning the price pushed higher above the B point from 9/23 pushing higher with more volume completing the 1-to-1 move. (see image below another 4-hour chart). So now that the price of BTC has completed the 1-to-1 ABC move we can see from the extension graphic that it has the potential to move up to the 1.618 price level of $4,093 and challenge the recent swing high of 9/18 ($4,122).

BTC_retrace_92517a.PNG

So will the price of Bitcoin move straight up to that level or take a few days to gain some energy before testing it. This is important because if it fails it could signal a overall bearish sentiment on the daily charts and push lower in price to test the high volume price on 9/5 ($2,972)

Thanks for looking at this. Questions and comments are welcome.

All ideas , trade signals , opinions and/or forecasts are for informational, educational and research purposes only and should not be construed as a recommendation to invest, trade, and/or speculate .
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Just a quick morning update. It looks like overnight the price have not moved much. It is building energy for a push higher.

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