Bitcoin bounces back to 78.6% Fibonacci Support

In my last post I pointed out the possibility of the 78.6% Fib level being a new floor, and although a single bounce back up to that level isn't clear confirmation, the chances have increased that $4280 is a significant number.

This chart shows the large bounce back up from $3500, a 22% increase in less than a day.

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If we look back in time to the 2014/2015 period, we can see the gradual drop in price during 2014, and the holding pattern at the 78.6% Fib level during most of 2015.

2018 so far looks very similar to 2014, and if history repeats we might see 2019 looking like 2015.... maybe. The future isn't written in stone, and sometimes external factors (like a recession) could push Bitcoin much lower than anyone expects. We Shall See.

Thank you for reading. Shares and comments are always welcome.