To be honest I am not really exploring the moon's correlation to price this time. But the chart is displaying some key levels-
Note the fibonacci retracement levels and how well they played out. On the macro, measuring from July to today, we saw a wick retrace under the 50% level, then recover and find support at the 50% both on November's close and currently in December. 50% fib is a popular level for Gann analysts for a macro retracement. This is a healthy move in that regard.
On lower timeframes, Bitcoin bulls are fighting with the 62% retracement level, which is the golden fib and also considered a very typical retracement. We swung under it on our ride to $41k, but if we can recover and confirm that as support, it will be a sign of strength by bulls and indicate a possibility of additional upside.
Note the fibonacci retracement levels and how well they played out. On the macro, measuring from July to today, we saw a wick retrace under the 50% level, then recover and find support at the 50% both on November's close and currently in December. 50% fib is a popular level for Gann analysts for a macro retracement. This is a healthy move in that regard.
On lower timeframes, Bitcoin bulls are fighting with the 62% retracement level, which is the golden fib and also considered a very typical retracement. We swung under it on our ride to $41k, but if we can recover and confirm that as support, it will be a sign of strength by bulls and indicate a possibility of additional upside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.