Bitcoin is always giving us the perfect examples to illustrate any Technical Analysis book. In the last few days, the price it’s been reacting with S/R levels, long term downtrend and fib, short time frame MAs, pivots, and the list goes on and on.
Take a look at this recent example on the 15min. time frame, and how the plays with Fibs, with two perfect touches within the golden pocket, first the 0.618, then the 0.66.
If it retests the 0.66 and holds, we might be seeing a recovery, but I’d say the odds are it might fail and test the 19K support.
Take a look at this recent example on the 15min. time frame, and how the plays with Fibs, with two perfect touches within the golden pocket, first the 0.618, then the 0.66.
If it retests the 0.66 and holds, we might be seeing a recovery, but I’d say the odds are it might fail and test the 19K support.