Gold fever on Bitcoin
After a week from our last analysis, Bitcoin continues to grow. We have another important week ahead, as we will have another BTC split on Wednesday.
The place where the correction ended was at the level of 5200 USD where we moved to the designated TP at 6200 USD. When the BTC rate reached 6,000 USD, not only did it set a new peak, it also made an important milestone, exceeding its capitalization of 100 billion USD. A month ago, the capitalization of the entire cryptocurrency market was only 99 billion USD. At present it is over 170 billion USD and BTC's share in total capitalization is 57.9%.
Let's look at the technical picture of the market. Bitcoin rates have been moving in the range of the channel since June, which has so far failed to hit the top. Price after the correction at 5200 USD once again reached its upper limit. The support has been not yet tested at 5,000 USD.
The formation of the evening star can be seen in the diagram of the D1 interval.
If today's drop candle closes at least 50% of the first candle from this formation, it will be a sales signal. Additional confluence is mentioned above the upper limit of the growth channel and the target reached 161.8% Fibo.
Then the possible target spots of its end will be levels of 5400 USD converging with the Fibo fall of 23,6% of growth impulse starting September 15th and surroundings of the lower channel limit market on the chart as the D1 support zone.
Alternatively, in the event of breaking the growth channel at the top, the long-term scenario assumes an increase to 8195 USD.
But let's focus on the upcoming fork on Wednesday. Let's remember that although Bitcoin Cash and Bitcoin Gold are technical bits of Bitcoin, they do not affect Bitcoin in any way, and they are not a threat to Bitcoin. They simply use (in most cases) Bitcoin and distribute their currency proportionally to all Bitcoin owners.
The place where the correction ended was at the level of 5200 USD where we moved to the designated TP at 6200 USD. When the BTC rate reached 6,000 USD, not only did it set a new peak, it also made an important milestone, exceeding its capitalization of 100 billion USD. A month ago, the capitalization of the entire cryptocurrency market was only 99 billion USD. At present it is over 170 billion USD and BTC's share in total capitalization is 57.9%.
Let's look at the technical picture of the market. Bitcoin rates have been moving in the range of the channel since June, which has so far failed to hit the top. Price after the correction at 5200 USD once again reached its upper limit. The support has been not yet tested at 5,000 USD.
The formation of the evening star can be seen in the diagram of the D1 interval.
If today's drop candle closes at least 50% of the first candle from this formation, it will be a sales signal. Additional confluence is mentioned above the upper limit of the growth channel and the target reached 161.8% Fibo.
Then the possible target spots of its end will be levels of 5400 USD converging with the Fibo fall of 23,6% of growth impulse starting September 15th and surroundings of the lower channel limit market on the chart as the D1 support zone.
Alternatively, in the event of breaking the growth channel at the top, the long-term scenario assumes an increase to 8195 USD.
But let's focus on the upcoming fork on Wednesday. Let's remember that although Bitcoin Cash and Bitcoin Gold are technical bits of Bitcoin, they do not affect Bitcoin in any way, and they are not a threat to Bitcoin. They simply use (in most cases) Bitcoin and distribute their currency proportionally to all Bitcoin owners.
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