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.
