The top chart is Bitcoin's longer-term (Apr-June) 2021 Fibonacci retracement levels where price action is deciding on holding a key 50% level at ~$47,000 and the lower chart is the same but with a short-term Fibonacci retracement level in the recent declines (Nov-Dec). $46,000 to $51,000 is essentially no man's land. Until we see price action break below or above, I am neutral. I use this "layered-Fibonacci" strategy occasionally to see if fib levels in different drawdown periods converge around very similar prices. I think we break out of this level and trend upward in January 2022 to reclaim a bullish trend.
Also note Bitcoin tends to underperform this far into a halving cycle (last halving May 2020) but given the network effects, additional features through Taproot protocol, and investors paying attention to Stock-2-Flow (S2F) models that may not matter as investors try and front-run longer-term cycles.
Time with tell...
Also note Bitcoin tends to underperform this far into a halving cycle (last halving May 2020) but given the network effects, additional features through Taproot protocol, and investors paying attention to Stock-2-Flow (S2F) models that may not matter as investors try and front-run longer-term cycles.
Time with tell...