This is interesting. In every halving cycle, Bitcoin retraced back up to the 61.8% Fibonacci level of the entire move down. The "Golden Pocket" is the area between 61.8% and 65% retracement, and is a common place for a move up or down to stall. This also coincides with a key resistance on the weekly chart, on Binance at $48,189.
This is happening MUCH later in the halving cycle than before, so it cannot really be compared. But we have always gotten a big reaction and retracement.
Is this the top of the move for now? We will see.
This is happening MUCH later in the halving cycle than before, so it cannot really be compared. But we have always gotten a big reaction and retracement.
Is this the top of the move for now? We will see.
scott.melker@texaswestcapital.com