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.
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).
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.
Just a quick morning update. It looks like overnight the price have not moved much. It is building energy for a push higher.
@mustang got you a $7.34 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more! @originalworks
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
For more information, Click Here!
To enter this post into the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!Special thanks to @reggaemuffin for being a supporter! Vote him as a witness to help make Steemit a better place!