Bitcoin saw a tough rejection at approx 40.5k, and has been retracing since then. If this follows the common Fibonacci retracement we could see it dump a fair bit in the coming 1-2 days. I have drawn the price path down to the two most popular Fib levels, which bitcoin has frequently retraced to historically. This would be a great opportunity to put in a long position as Bitcoin is likely to go back up and retest 40.5k after this retracement due to the bull cycle fundamentals coupled with macroeconomic factors.
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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.