Bitcoin Fibonacci Retracement Cycle

Let’s make some experince.

We are working on #Bitcoin chart and I am going to use BraveNewCoin Liquid Index for Bitcoin because of it’s data since 2011.

What Are Fibonacci Retracement Levels?

Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used.

For detailed explanation you should check Investopedia

Pick up Fib retracement tool and hit ATH point and then hit the bottom point for BNC:BLX.

Let’s repeat this for 3 ATH which are 2011, 2013 and 2017.

Open 1.272 and 2.414 channels from option.

Did you see the pattern, didn’t you? BITSTAMP:BTCUSD always pulled back to fib 1.272 after crossing the all time high point.

The next all time high was at the fib 2.414 level. If this cycle repeats itself for the 3rd time, the next ATH will be in the range of $225–300k.

You can check my analysis from TradingView.