Bitcoin (BTC) Downtrend Holds Sway, For Now
- 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.
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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.
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Chart: Bitcoin (BTC) Price Daily Timeframe (June – September 25, 2017)
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
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--- Written by Nick Cawley, Analyst.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.