Here a simple review of BitCoin (BTC) charts for your review. This first chart is a daily chart and it contains two Fibonacci retracements to look at. The first one is looking at the low or 7/16/17 to the high on 9/2/17. The bearish engulfing candle on 9/2 signaled a BTC price moving lower until it just passed the 61.8% retacement on 9/15 and promptly rebounded.
The second retracement shows the low of 3/25 to the high on 9/2. The low on 9/15 never reached the 50% retracement before taking off higher. Both items / price levels pointed to a short term higher price.
With these two retracement areas proved to be very insightfull.
So now with the high volume low on 9/15 established we are now watching how price responds to high on 9/2. The first test will be around 4212. We should expect a test of the 9/15 low also. So the next few days will determine of the test of the highs is in place or are we in an ABC down to around the $2500 area.
Stay tuned for more updates.
