When markets capitulate they often make a 1.618 fib extension from the previous swing low swing high. The 1.618 fib extension is referred to as the Golden retrace because of how amazingly powerful and accurate it can be.
The two white arrows on the screen are the swing low and swing high from recent months. Anchor the 1 of your fib bracket to the 28k bottom. Anchor the 0 to the top we made a couple days ago. This projects a 1.618 of 11,500$.
If this...IS... capitulation... it will likely go to the 1.618 fib extension below.
I cannot tell you if it will crash again after that. I cannot tell you if it will crash through the 1.618. It might crash lower. It might crash exacting to the 1.618.
All I can say for certain is we at least crash to the 1.618.
11,500$ was the most important price in the 2019 market structure for bitcoin. Look at the weekly line chart to see why. 11,500$ was weekly resistance 3 times over 2 years before we finally got through to begin the 2020 bullrun.
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If you look at the March 2020 covid crash, bitcoin made a 1.618 fib extension to make the covid crash bottom of 3900$. I will link below in the comments the two recent times bitcoin did this 1.618 extension.
This is real. I know you think we can't go below 20k ever again for bitcoin... well... I disagree. Fibonnaci says we sure can.
I trust Fibonnaci over my feelings any day.
The two white arrows on the screen are the swing low and swing high from recent months. Anchor the 1 of your fib bracket to the 28k bottom. Anchor the 0 to the top we made a couple days ago. This projects a 1.618 of 11,500$.
If this...IS... capitulation... it will likely go to the 1.618 fib extension below.
I cannot tell you if it will crash again after that. I cannot tell you if it will crash through the 1.618. It might crash lower. It might crash exacting to the 1.618.
All I can say for certain is we at least crash to the 1.618.
11,500$ was the most important price in the 2019 market structure for bitcoin. Look at the weekly line chart to see why. 11,500$ was weekly resistance 3 times over 2 years before we finally got through to begin the 2020 bullrun.
________
If you look at the March 2020 covid crash, bitcoin made a 1.618 fib extension to make the covid crash bottom of 3900$. I will link below in the comments the two recent times bitcoin did this 1.618 extension.
This is real. I know you think we can't go below 20k ever again for bitcoin... well... I disagree. Fibonnaci says we sure can.
I trust Fibonnaci over my feelings any day.