As noted by another analyst this week (I can't remember who), after a long bear market (2018) the price recovers and then when moving up it hits the 0.382 Fibonacci retracement level, in the past there is often a major pull back of more than 40%. I don't expect it to happen here (I hope) because there is far too much FOMO in the news of BTC hitting the moon.
But I find it incredible that the 0.382 is hampering the bull run at all. I can't imagine we'd get anything close to a 40% pullback here. I thought it would be different this time around. It may take several attempts to break through.
On the brighter note, this may turn this into a short term opportunity for me to buy when the 15 minute RSI is < 40 provided I have tight stops in place just in case it does correct.
This is not investment advice. Please do your own due diligence when buying and selling cryptos. And please make sure you have stops in place.
(If I can remember the analyst who mentioned resistance at the Fib 0.382 level, I will post it here.)
But I find it incredible that the 0.382 is hampering the bull run at all. I can't imagine we'd get anything close to a 40% pullback here. I thought it would be different this time around. It may take several attempts to break through.
On the brighter note, this may turn this into a short term opportunity for me to buy when the 15 minute RSI is < 40 provided I have tight stops in place just in case it does correct.
This is not investment advice. Please do your own due diligence when buying and selling cryptos. And please make sure you have stops in place.
(If I can remember the analyst who mentioned resistance at the Fib 0.382 level, I will post it here.)
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