Long term *reliable* Fibonacci levels - lose or rally up?
The Fibonacci levels are projected based on weekly price move of
BTCUSDC.P
from August 2020 till January 2021.
For reliance discovery please follow yellow arrows. These significant price reaction are happened after revealing the levels. This shows these Fibo levels are highly reliable and has proved it can project the resistance and support levels with higher trust and accuracy. But still it is projection and anytime can be expired.
We are now over an important level of ~48900, obviously we have 2 scenarios for next ~2 weeks;
1) remain
2) lose
Right now there are still 6 days until weekly close, I would expect it closes under this level in upcoming 2 weeks. Unless, we will ride up till ~55500 level. Based on market behaviors it would be logical and stronger to range between 38221 and 48900 for sometime and then rally up.
What is your opinion?
BTCUSDC.P
from August 2020 till January 2021. For reliance discovery please follow yellow arrows. These significant price reaction are happened after revealing the levels. This shows these Fibo levels are highly reliable and has proved it can project the resistance and support levels with higher trust and accuracy. But still it is projection and anytime can be expired.
We are now over an important level of ~48900, obviously we have 2 scenarios for next ~2 weeks;
1) remain
2) lose
Right now there are still 6 days until weekly close, I would expect it closes under this level in upcoming 2 weeks. Unless, we will ride up till ~55500 level. Based on market behaviors it would be logical and stronger to range between 38221 and 48900 for sometime and then rally up.
What is your opinion?
