Bitcoin loves to retrace to the 78.6 Fibonacci level
Magic or something else?
What if I told you that bitcoin tended to retrace to the same Fibonacci point during every previous bear market?
You'd probably not believe it for one thing...
Until you saw this that is:
(source: https://twitter.com/StockmoneyL/status/1578352184747786241/photo/1)
Then once you saw that you might think there was some sort of magic associated with that fib level, that or manipulation.
Then after some more thought, you'd realize that there isn't that much history to go off of.
Sure it has retraced to that level historically, but it's only 2-3 other times.
In the grand scheme of things something happening 2-3 times doesn't really make a major trend.
If this bear market stops at this level as well, it will make me a believer, but until then I am skeptical that this holds true during this bear market.
Simply proves the 'nothing' is managed and fake...to bad your discovery won't inform the cult of fiat digital.
Upvoted! Thank you for supporting witness @jswit.
The 78.6% Fibonacci retracement is an underused method for determining hidden support in bitcoin market.