Near-term support sits somewhere between 3770 (40% Fib retracement level) and 4000 (price and channel support).
Medium-term support sits around the 50% Fib retracement level of 3400, while longer-term support sits around the 60% Fib retracement level of 3000, which takes it almost to the bottom of the massive 2134-point August candle, as shown on the Monthly chart below.
* UPDATE September 8...
* UPDATE September 13...
* UPDATE September 14 (1:00 pm ET)...
Meanwhile, medium-term price support of 3400 (mentioned above) was nearly hit in this morning's trading, as panic selling continues (Monthly chart below)...Bitcoin has now lost around 32% of its value since its high set earlier this month.
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| Classic parabolic "pop & drop" price action |
* UPDATE September 15 (1:00 pm ET)...
Price plunged briefly below long-term support of 3000 (mentioned above) this morning, before bouncing a bit, as shown on the Monthly chart below of Bitcoin. No doubt, we'll continue to see wild, unpredictable and volatile fluctuations in the coming days/weeks until the price eventually finds solid ground (if, in fact, it does)...a 40% price drop in 2 weeks is significant and demonstrates how fragile this "product" is.
* UPDATE October 6 (1:25 pm ET)...
A large downward-sloping Head & Shoulders pattern is developing on the Daily timeframe, as shown below.
Watch for, either a breach and hold below near-term support of 4000, or a break and hold above 4500 (on accelerating momentum and rate of change in either direction) to gauge the probability of its continued trend.
Extreme weakness could see price plunge to its neckline at 2400, or lower. This crypto-currency has been highly volatile, so such a swing is not out of the question.
* UPDATE October 12...
And the parabolic rise just keeps on going (Monthly chart below)...one thing's certain...extreme moves in both directions, under the influence of "off-the-charts" volatility!
* UPDATE October 20...
...and on...(6000 hit today...a 100% increase from a mere 6 weeks ago)...
Q - What is "backing up" Bitcoin (what is it "pegged" to)?
A - Nothing.
(See further comments here)...
