Bitcoin - Let's Talk Fibonacci 📈

30. Aug. 2022

Hi Traders, Investors and Speculators 📉📈

Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩‍🏫

Bitcoin is still facing critical selling pressure. What you see on the chart, is the Macro Fibonacci retracement and trend based extension. This is set up by using the first high BTC ever made, and the lower point is the first low after that high. Fibonacci can be especially useful from the Macro perspective, as certain levels seem to be critically important such as the .618's. The price trading right on top of a level is usually a sign of weakness, as it reflects that there is insufficient buying pressure there OR that the selling pressure is still high.
Even though we have seen some positive price movements from the 1 Level, we also see a clear M-Pattern and rejection at this point. There is obviously still a large supply zone here, and the price will be forced lower to find more buying pressure.

Please see the two posts at related ideas on two proposed bottoms👀


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