Bitcoin and Fibonaccis. Time to short?

6 thg 12, 2017

One of the tools that I use the most for finding resistance and support levels are the Fibonacci. In this chart we can see that when the price reaches a number in the thousands that begins with a Fibonacci number, it immediately dumps. Normally, this has happened between 6-10% before reaching the FIB retracement levels shown in the chart. Interestingly, these pivot numbers have been accurate so far once the price has reached the FIB numbers in the thousands.

We just got to 13000. I expect a new correction about to come.

Previous dumps were:

- 40% for 3000.
- 40% for 5000.
- 20% for 8000.
- (?) for 13000.

I expect the dump to reach 10300, 9000 or 7600, to have a bounce right after.

Remember that the Fibonacci sequence is...

1, 2, 3, 5, 8, 13, 21, 34, 55, etc.