Published On: Fri, Sep 8th, 2017

Bitcoin Price Analysis: Crucial Tests of Historic Support Could Lead to Further Pullbacks

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This week’s BTC-USD price recap:Following a $700 drop, BTC-USD managed to find a bottom around $4200 before entering into a 4-day long consolidation pattern. During the consolidation pattern, the price climbed $400 on decreasing volume before ultimately dropping back to $4200. So, where does this leave us and what can we expect in the coming days in the BTC-USD markets?Figure 1: BTC-USD, 1-Hour Candles, GDAX, Bear Retracement ValuesA common continuation pattern during bear markets is a step-by-step series of tests along the Fibonacci Retracement set. One by one, the Fibonacci values are tested before the retracement ultimately tops out around 61%. During …

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