The pattern emerging from BTC is one of an extended downtrend, but that doesn't mean we can't make money in the process. In fact, some of the most profitable times are made by shorting the market.
The golden ratio (0.618) is called just that because of the significance it holds. If the price closes above or below the golden ratio, will frequently dictate the direction the market is going. With 3 out of the 4 rallies this year not closing above the 0.618 on the daily, it would indicate that the current August rally (continuing into September) will also struggle to close above the 0.618. This makes it a very good place to short BTC and make money when the market falls in value.
The golden ratio (0.618) is called just that because of the significance it holds. If the price closes above or below the golden ratio, will frequently dictate the direction the market is going. With 3 out of the 4 rallies this year not closing above the 0.618 on the daily, it would indicate that the current August rally (continuing into September) will also struggle to close above the 0.618. This makes it a very good place to short BTC and make money when the market falls in value.