The top chart is Bitcoin's longer-term (Apr-June) 2021 Fibonacci retracement levels where price action is deciding on holding a key 50% level at ~$47,000 and the lower chart is the same but with a short-term Fibonacci retracement level in the recent declines (Nov-Dec). $46,000 to $51,000 is essentially no man's land. Until we see price action break below or above, I am neutral. I use this "layered-Fibonacci" strategy occasionally to see if fib levels in different drawdown periods converge around very similar prices. I think we break out of this level and trend upward in January 2022 to reclaim a bullish trend.
Also note Bitcoin tends to underperform this far into a halving cycle (last halving May 2020) but given the network effects, additional features through Taproot protocol, and investors paying attention to Stock-2-Flow (S2F) models that may not matter as investors try and front-run longer-term cycles.
Time with tell...
Also note Bitcoin tends to underperform this far into a halving cycle (last halving May 2020) but given the network effects, additional features through Taproot protocol, and investors paying attention to Stock-2-Flow (S2F) models that may not matter as investors try and front-run longer-term cycles.
Time with tell...
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.