Here is the daily BTC chart with a Heikin Ashi overlay on the candlesticks from the Coinbase exchange. The peak was 19.9k and the bottom of the selloff was 10.4k for a ~47% drop in price.
The 50 DMA was the support level and based on the daily chart, BTC is still printing 'red' candlesticks for a bearish trend. It is under the 20 DMA and the stochastics are embedded under the 20 level.
When looking at the 4 hour chart, BTC has pulled back after the initial spike up recovery and has started to trade sideways. This is a good sign for those 'long' as it has not taken out the last closing 4hr low producing higher lows. We need to see higher highs for the uptrend to continue.
Its interesting to see how BTC trades compared to the other top cryptos during the correction.
BTC in Red
ETH in Blue
DASH in Green
LTC in Gold
It appears that ETH did not drop as much as BTC on a percentage basis and is also recovering faster.
This is the BTC Unconfirmed Transactions (Mempool) over the last 2 weeks. It peaked on Dec 21st which is where the fee's peaked as well. The colors refer to the fee amount paid for the transaction. It appears to be on a slight uptick since the drop. Will the talk about BTC on X-mas increase the purchasing and send it back up???
This is a 3 month chart of the BTC average transaction fee. You can see the spike a few days ago.
The average transaction fee is currently at $43.204 USD's.
By comparison, the LTC average transaction fee is .663 USD's.
The huge BTC Mempool size also slows down the transaction speed as some may be waiting for hours/days for the confirmation. There is a lightning network which will speed this up, I'm not sure if/when it will be rolled out or how it will be utilized worldwide.
So there is a lot of banter about the rise of BCH as the block size is larger, transactions are faster and the transaction fees are lower. In general, BTC has a lot of competition as a 'Peer to Peer Electronic Cash System' going into 2018
Happy Holiday all !
