[BTCUSD]Bitcoin price plunged after reaching Fibonacci number 8Bitcoin price plunge after reaching 58000 USD clearly relates with Fibonacci numbers again. This time, the number is “8”.
The chart below is BTCUSD weekly chart.
Drawing Fibonacci retracement from Mar,2020 which is the beginning of this long upward trend, it clearly shows that price plunged after reaching the level “8”. Though it is not Fibonacci ratio, “8” is a Fibonacci number which frequently functions as support/resistance lines.
It also shows that the big price drop occurred in Jan, 2021 happened around the level”5”, which is also a Fibonacci number.
The next Fibonacci number after 5 & 8 is “13” where the price will be around 90,000 USD.
Although nobody knows if Bitcoin price can go that high, the number “13” is considered an unlucky number in some countries and it suggests that the price might drop again at that level.
With respect to Fibonacci, it is not only the ratio, but also Fibonacci numbers are indicated as support/resistance.
