Bitcoin has been in a bear movement for the last week or so.
Although we saw a nice pullback, it has still shaken the market quite a bit.
However, the .618 fib retracement seems to be the golden retracement level for BTC to predict a new breakout.
The last time we retested the .618 fib level of 51,470 it sent us to a new ATH of 65k.
So, the next few days could go one of two ways:
1 - Either we hold the current 50% fib level today at around 54,000 before breaking out
2 - Or, we could break down to the .618 fib retracement level at around 51,450 before either seeing a bounce back to the upside & potentially a new ATH if we can break $65k, or another massive sell off below $50k again if support at the fib levels cannot be held.
Not financial advice.
Although we saw a nice pullback, it has still shaken the market quite a bit.
However, the .618 fib retracement seems to be the golden retracement level for BTC to predict a new breakout.
The last time we retested the .618 fib level of 51,470 it sent us to a new ATH of 65k.
So, the next few days could go one of two ways:
1 - Either we hold the current 50% fib level today at around 54,000 before breaking out
2 - Or, we could break down to the .618 fib retracement level at around 51,450 before either seeing a bounce back to the upside & potentially a new ATH if we can break $65k, or another massive sell off below $50k again if support at the fib levels cannot be held.
Not financial advice.