Ever since BTC futures hit a high of $12,635 on August 17^th the digital asset has been in a corrective phase, bringing down prices to just under $10,000.  However, yesterday marked the third day in which pricing found support at the 100-day moving average.

Since September 2^nd BTC most active futures contract has lost approximately $2,000 in value. What is worse is the last three trading days have had extended lows along with a massive spike in (double the daily average in August) daily volume. Also, the RSI has plummeted 20 points, and the bulls have given up three major support levels in these last four brutal trading sessions.

Bitcoin took a beating today currently futures on the CME are pegged at $10,750 down 6.2% or $710 on the day. The trend of BTC leading gold and silver while moving in the same direction continued, so am I convinced a correction has started or that we have major chart damage?

BTC futures closed out last month with a small increase for the month. That was enough of a gain that the close for August was second only to June 2019. A more bullish picture is almost finished being drawn out as well on a monthly candlestick chart due to prices above the Ichimoku cloud which has indicated massive rallies in Bitcoin before.