Bitcoin short once Fibonacci 61.8% level is hit
Whenever the Bitcoin price moves upward or downwards, it tends to retrace before continuing the trend. Fibonacci ratios and analysis are great indicators for finding support/resistance levels that can reject/support the price.
There are noticeable similarities if the Fibonacci retracement indicator is applied to the previous two Bitcoin cycles(ref. to the Bitcoin halving cycle) from the last cycle's highest point to the current cycle's lowest point. In both cases, the price was initially rejected at the 61.8% Fibonacci ratio and subsequently bounced at the 38.2% Fibonacci ratio. If the price is to repeat the same action, it will create an opportunity for approximately 25% profit.
There are noticeable similarities if the Fibonacci retracement indicator is applied to the previous two Bitcoin cycles(ref. to the Bitcoin halving cycle) from the last cycle's highest point to the current cycle's lowest point. In both cases, the price was initially rejected at the 61.8% Fibonacci ratio and subsequently bounced at the 38.2% Fibonacci ratio. If the price is to repeat the same action, it will create an opportunity for approximately 25% profit.
Comment:
SELL part of the spot hold around the $45 000