Bitcoin Price Sitting on 78.6% Fibonacci Line - New Floor or Going Lower?
Price action often leads to new discoveries, and this morning I just happened to notice something interesting, and thought it was worth sharing.
Using the Fibonacci tool in tradingview, and setting the bottom price to $0.00 and the top price to $20,000, we can see that the 78.6% level is $4,280.00. While I'm no expert, the sudden stop at this level doesn't seem like a coincidence. Though, time will tell how significant this level actually is.
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Thank you for reading. shares and comments are always welcome.
We are either headed for a strong bounce up, or more bargain cryptos for the buying! Either way, I like the return to trade volume and big fluctuations.
I REALLY have to learn more about FIB levels.
I need to learn Fib a lot more too, it's intriguing to me because it measures golden ratios and behavior of everything in nature, but seems to also have a self fulfilling prophecy effect on market prices too.
If the pattern repeats at all, the previous bull run back in 2013/2014 corrected back down to the 78% Fib level, and stayed there for some time before beginning the climb to the most recent run.