Crypto Daily Report – September 13

$BTCUSD's huge downdraft Tuesday is a technical negative which likely results in a challenge and possible break of 9/7 lows into early October before a technical stabilization begins. The abrupt reversal directly coincided with what's being seen in US Equity and many international equity markets following the stronger than expected inflation data. As daily charts show, the early 9/13 gains hit a perfect 61.8% Fibonacci retracement of the prior August-September drawdown which also touched the uptrend from June lows before reversing. However, it's also insightful to note that the 58 day rally (calendar day) from 6/16-8/15 shows a prominent turn 9/13 at an exact 50% Time retracement. Thus 29 days from 8/16 arrives at our peak on 9/13. Thus, projecting forward, 9/19 has significance as a 61.8% Fibonacci time target while 10/12 is quite strong as a 100% target as well. Support could materialize near 18540, but expect that 17592 might come into play before a bottom in October and turn back higher. Conversely, while not immediately expected, movement back over 22,781 turns trends back to bullish. At present, investors should concentrate on possible lows into 9/19 or more likely near 10/12.