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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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...If the dots don't connect, gather more dots until they do...




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Monday, September 04, 2017

BITCOIN: Momentum is Fading

* See UPDATES below...

The following Daily chart of Bitcoin (cryptocurrency) shows that the momentum and rate of change technical indicators are fading and do not support the latest push upwards to nearly 5000 (actual high was 4969).

Near-term support sits somewhere between 3770 (40% Fib retracement level) and 4000 (price and channel support).

Medium-term support sits around the 50% Fib retracement level of 3400, while longer-term support sits around the 60% Fib retracement level of 3000, which takes it almost to the bottom of the massive 2134-point August candle, as shown on the Monthly chart below.

* UPDATE September 8...

* UPDATE September 13...

* UPDATE September 14 (1:00 pm ET)...

Meanwhile, medium-term price support of 3400 (mentioned above) was nearly hit in this morning's trading, as panic selling continues (Monthly chart below)...Bitcoin has now lost around 32% of its value since its high set earlier this month.

Classic parabolic "pop & drop" price action

* UPDATE September 15 (1:00 pm ET)...

Price plunged briefly below long-term support of 3000 (mentioned above) this morning, before bouncing a bit, as shown on the Monthly chart below of Bitcoin. No doubt, we'll continue to see wild, unpredictable and volatile fluctuations in the coming days/weeks until the price eventually finds solid ground (if, in fact, it does)...a 40% price drop in 2 weeks is significant and demonstrates how fragile this "product" is.