Many of us have noticed the possible falling wedge that bitcoin has printed so far. And after today, I am more confident that this falling wedge is going to see its way through. The .618 Fibonacci Level has proved to me to be the most important Fibonacci level to look at, and often bitcoin respects this level. We have printed 6 Fib levels in a $500 range. $7,500-$8,000, forming a Fibonacci Cluster. Fib Clusters are formed from 3 or more Fib levels, and can include many different fib levels, not just the .618. But they are strongest when it includes .618 levels. This Fib level is not the only signal of support at $7,500-$8,000. The falling wedge ends at this price as well, and the 200 EMA is at this price. It is because of these 3 indications, that I will look to enter into a trade at this range.
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