BTCUSD chart, and how to follow Fibonacci levels
As we can see, we have two Fibonacci on the chart, and based on the Fibonacci level, we can track the strength of the pullback.
- On the first Fibonacci setup, we see that the price of BTCUSD made a break above the 38.2% level and stopped at the 61.8% level. After that, a retest was made at the 38.2% level and to break the zone in the previous bullish impulse, and the price started a new bullish impulse and formed a new all-time high at the $ 69280 level.
In the next two months, Bitcoin lost over 50.0% of its value, and the price stopped at the $ 32,900 level, forming a higher low.
- Now we can set another Fibonacci setting and again monitor the strength and movement of the pullback price. Bitcoin has since been moving in a growing channel but at a slower intensity than in the first Fibonacci setup. Our resistance is 38.2%, and we need a break above to continue with the price recovery. As long as the price does not exceed the 38.2% level, we are still in the bearish embrace.
- Bullish targets are: 46,800, $ 51,100 and $ 55,500 levels, and bearish targets are: $ 32,900, and maybein coming period and the distant $ 23,000 level.
- On the first Fibonacci setup, we see that the price of BTCUSD made a break above the 38.2% level and stopped at the 61.8% level. After that, a retest was made at the 38.2% level and to break the zone in the previous bullish impulse, and the price started a new bullish impulse and formed a new all-time high at the $ 69280 level.
In the next two months, Bitcoin lost over 50.0% of its value, and the price stopped at the $ 32,900 level, forming a higher low.
- Now we can set another Fibonacci setting and again monitor the strength and movement of the pullback price. Bitcoin has since been moving in a growing channel but at a slower intensity than in the first Fibonacci setup. Our resistance is 38.2%, and we need a break above to continue with the price recovery. As long as the price does not exceed the 38.2% level, we are still in the bearish embrace.
- Bullish targets are: 46,800, $ 51,100 and $ 55,500 levels, and bearish targets are: $ 32,900, and maybein coming period and the distant $ 23,000 level.
