This is a 1-hour chart of BTCUSD on Bitstamp.
From the high this past July to the current price, it is clear that price is pivoting back and forth between key levels.
Those key levels are:
- 0.5 (not a Fib level but still a useful level of support/resistance)
From the Fib off of the high around $13.9K to the low around $9K, we...