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Bitcoin (BTC) Downtrend Holds Sway, For Now

Bitcoin (BTC) Downtrend Holds Sway, For Now

Nick Cawley, Strategist

Talking Points

- Bitcoin (BTC) continues to struggle to reclaim recent losses with the downtrend from the early September high still in place.

- Fibonacci resistance may soon turn to support leaving further gains possible.

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC) Needs to Break above $3812 to Push Further Ahead

A relatively quiet few sessions for BTC leaves the digital coin battling against the recent downtrend line from the September 2 all-time high and needs to close above the $3,812 level to push further ahead. The first upside target for BTC is the 38.2% Fibonacci retracement level at $3,780 before the downtrend comes into play. On the downside, the 50% retracement level at $3,407 should provide some initial support.

If you want to know how to trade in ‘Panic Markets’ – Read Here

Chart: Bitcoin (BTC) Price Daily Timeframe (June – September 25, 2017)

I will be discussing all things Bitcoin and Ethereum every Wednesday at 12:00 pm – if you would like to join me, please click here.

The overall market capitalization has edged back higher Monday, driven by modest gains from the larger coins. The trading volume in CNY pairs however has dropped sharply with the Yuan not appearing in the top 10 exchanges for either Bitcoin or Ethereum in the last 24 hours. Traders are avoiding CNY pairs ahead of the end of September after Chinese authorities indicated that they wanted digital currency trading in CNY to cease.

Market Moves/Top 8 Capitalizations – September 25, 2017

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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