BTC: Fibonacci channel analysis
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I'm applying the starting point at 7 October 2020, which was a fulcrum point in the push towards December, the break above the previous ATH, and the parabolic take-off that followed.
Two things stand out:
1) The wave is losing energy. Doesn't mean it can't push further, and it almost certainly will. But it's slowing and reaching lower.
2) Interesting that we're sat right now on a major Fibonacci channel line. The 0.236.
Two things stand out:
1) The wave is losing energy. Doesn't mean it can't push further, and it almost certainly will. But it's slowing and reaching lower.
2) Interesting that we're sat right now on a major Fibonacci channel line. The 0.236.
Nota
16 Apr 2021 16:12:52: Critical point on this chart. If BTC doesn't hold 60k now and drops below to 59 or 58, the 0.236 presumably would flip as resistance, which could put 56 in view in the short term, and possibly limit the next (and possibly final) ATH to the lower 70s. This based on a single peak cycle projection.
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