mrclvndnbrk

Very long term fibonacci levels on BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
According to this chart, the zone between 7338 and 7698 is important to watch. Both numbers are important .382 fibonacci retracement levels. For the took THE lowest point in the data on Tradingview (around $15 !!!!) , and last december's top to draw the retracement. For the second, I took the august 2015 low of 162 and last december's top. Both are long term levels, and from basic TA theory we give more weight to long term levels than to shorter term levels.

The funny thing about fibonacci though is that markets don't bounce off exactly from the fib levels, they tend to overshoot. Or the they get there ' approximately', especially when there are other fib levels nearby or other forms of support (MA's, trend lines , etc.). Still, it's useful to keep these levels in mind when trading (or thinking of divesting), as they tend to produce nice tradeable opportunities. Good luck!

--------------- Of course, this is not a recommendation to buy or sell. For educational purposes only. Do your own analysis and consult with you personal investment advisor at your bank before investing crypto currencies. -----
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