As I gained more insight of Fibonacci analysis and how to combine multiple layers of it on a chart I was eager to try it out on the Bitcoin price. As we can see in the chart the price around 30.8k is marked as support by to fibonacci levels, the first one being a .65 retracement of point C to D. In addition it is also supported by the price projection 2.618 of B to C to D.
When the Bitcoin price hold on this around the level of 30.8 and there is a valid indicator of a trend switch to the upside a valid buying opportunity would arise. If the price fails to hold support around here than we could see another test of the 29k like last week and at the end of January. A valid opportunity to go short arises when this level is broken with a daily close below the 28.8k.
When the Bitcoin price hold on this around the level of 30.8 and there is a valid indicator of a trend switch to the upside a valid buying opportunity would arise. If the price fails to hold support around here than we could see another test of the 29k like last week and at the end of January. A valid opportunity to go short arises when this level is broken with a daily close below the 28.8k.