HughGRection

Bitcoin approaching critical support level(s)

BITFINEX:BTCUSD   Bitcoin / Đô la
On the daily chart , Bitcoin's overall trend is still in bearish territory, but there is reason to believe we will find some support soon. The 10 period VWMA is below the 20 period VWMA . The current price is in the channel between the 2 and 3 standard deviation Bollinger bands . This is an indication of a strong downtrend, but it's a very likely area to see reversals too. Price is currently just barely below the 50 period VWMA too.

Support zone 1 is a confluence of the 38.2% Fibonacci retracement , previous support from the August 22nd low, previous resistance from the early August consolidation, and the 100 period VWMA . Psychologically important $3500 lies in this zone too. The stochastic has entered oversold territory, but there needs to be a cross back out of it for confirmation of a bottom.

Support zone 2 is a confluence of the 50% Fibonacci retracement , previous resistance from early June and late July, and the 200 period VWMA should converge near this area if price continues to fall. Psychologically important $3000 lies in this zone too.

I'll await confirmation signals before basing any trades off of this, but it is highly likely to see a good bounce if not full reversal in both of these areas should the price make its way down that far. It's hard to predict if China or elsewhere will cause more FUD at this point. It does appear that most of the impact from this has run its course though. Unlike previous major sell offs, a large number of alt coins are still doing fairly well, and there isn't the mass flight of liquidity out of all crypto's that we saw before.
Well, I hope this chart at least prevented somebody from heading to the BTC atm, and getting slaughtered the past 12 hours. I intentionally posted this because I felt like we were heading to at least one, if not both of these support levels pretty soon. I had no idea it would be this soon. Personally, I will be buying up all the Bitcoins from $2800 - $3000 if the conditions look right when we get there, and at this point it appears very likely we will get there very soon.
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