At the time of this writing and publishing, Bitcoin has reached it's first stop over which is at the 0.236 Fib retracement level, which is a 15% retracement and is poised to continue dropping.
Fibonacci Retracement Levels:
15% retracement at the 0.236 Fib level
24% retracement at 0.382 Fib level
32% retracement at 0.5 Fib level
40% retracement at 0.618 Fib level
50% retracement at 0.786 Fib level
60% retracement at 1.0 Fib level
The higher the percentage of retracement, the stronger the support levels, therefore the higher the probability where Bitcoin will be bouncing off.
The 40% retracement at 0.618 Fib level and the 50% retracement at 0.786 Fib level will be the areas where Bitcoin will most likely consolidate most and accumulate (refuel, people buying in).
When more people starts feeling more fearful, price may drop lower and retrace 60%, which might trigger further sell offs which may take us to our 2nd capitulation phase.
Bitcoin is very forgiving for those who failed to buy when the prices were still low... Bitcoin is now giving them a second chance before is goes up again.
Once our Bitcoin Rocket Ship takes off, from the low levels we'll be seeing in the next days or weeks, we'll never ever re-visit those low prices ever again.
Fibonacci Retracement Levels:
15% retracement at the 0.236 Fib level
24% retracement at 0.382 Fib level
32% retracement at 0.5 Fib level
40% retracement at 0.618 Fib level
50% retracement at 0.786 Fib level
60% retracement at 1.0 Fib level
The higher the percentage of retracement, the stronger the support levels, therefore the higher the probability where Bitcoin will be bouncing off.
The 40% retracement at 0.618 Fib level and the 50% retracement at 0.786 Fib level will be the areas where Bitcoin will most likely consolidate most and accumulate (refuel, people buying in).
When more people starts feeling more fearful, price may drop lower and retrace 60%, which might trigger further sell offs which may take us to our 2nd capitulation phase.
Bitcoin is very forgiving for those who failed to buy when the prices were still low... Bitcoin is now giving them a second chance before is goes up again.
Once our Bitcoin Rocket Ship takes off, from the low levels we'll be seeing in the next days or weeks, we'll never ever re-visit those low prices ever again.