Bitcoin has been ranging the past few weeks and today we have finally broken a significant support. Does this mean it's the end and we are heading for low price targets? Before you panic, take a look at this one, simple but very much needed chart. We crashed right into the 0.618 fib support taken from the bottom to the top of this huge run. Take a look at the last run, when we peaked 64k and dipped to 29k. Guess why we reversed at 29k? Because it was the 0.618. Now we have tanked from 69k to 44k and what do you notice? We're at the 0.618 for this run. Of course nothing is guaranteed or 100% accurate, but taking this into consideration alongside the RSI indicates this is the bottom in my opinion. RSI levels on the weekly are at a local low, nearly the same level as the 29k bottom. I am bullish as long as we hold 44k on the weekly, which funny enough is also the bottom of the EMA ribbon.
Not financial advice, DYOR.
Thoughts?
Not financial advice, DYOR.
Thoughts?