Bitcoin touches 61% Fib retracement level here at $3500 (red line).
Technical analysts have noted a mathematical relationship between past and future price moves based on the Fibonacci series, a sequence of numbers in which each number is the sum of the two preceding ones. This “golden ratio” is seen throughout the natural world in plant growth, astronomical patterns and even financial markets. Fibonacci Retracements levels are created by pairing a major peak and trough and then dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8% and 100%.
Technical analysts have noted a mathematical relationship between past and future price moves based on the Fibonacci series, a sequence of numbers in which each number is the sum of the two preceding ones. This “golden ratio” is seen throughout the natural world in plant growth, astronomical patterns and even financial markets. Fibonacci Retracements levels are created by pairing a major peak and trough and then dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8% and 100%.
