BTCManager's Weekly Cryptocurrency Market Outlook Sep. 25
September has sure been volatile for bitcoin, one month later perhaps than many were expecting with the UASF movement and Bitcoin Cash hard fork. The monthly chart below shows that bitcoin reached its highest ever price in dollars at $4979.90 and dropped to a low at $2972.01. Since then, the price has recovered to near $4000 at the time of writing.
Examining the highs of the candlesticks from August 2016, we see there have been 11 near consecutive higher highs, suggesting on the long-term timeframe, bulls are beginning to exhaust themselves. The market has already retraced to the 61.8 percent Fibonacci level at $3255.32 so there could be upward trend continuation, but it is more likely we will see the market remain below $4979.90 until the end of December 2017. Then, to start 2018, a new bullish count may begin...
Read more Here:
[link] [comments]
Read More
