Fibonacci is telling us to expect 7450 USD!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi guys, as I mentioned in my previous BTC analysis, we need to keep our seatbelts on and prepare for better or worse. Well, it seems like our optimistic predictions were dashed once we started tumbling at the 8800 USD level. At first I couldn't really understand why this was happening until I decided to zoom out of the chart and look at the bigger picture.

When placing the Fibonacci model we see that BTC is currently flirting with the golden ratio. Previously, as soon as we get closer to the 78% mark we see strong support. Therefore, the current scenario makes more sense now in that we should get ready for a pull back to 7450 USD before we bounce back up again.

All in all, there is no reason to feel down or in despair. BTC is getting ready to run. Remember, DYOR.


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