TechniBlock

Bitcoin (BTCUSD) where to from fear?

BITSTAMP:BTCUSD   Bitcoin
I marked the golden pocket retrace .618 to the .65 on this chart and it comes in at 28227 to 26912. I will caution that if we see a bounce at the .5 fib it could indicate we have further upside following that bounce. The .5 is a common fib retrace that happens in a bull market. All this shows we should be pulling back when the bitcoin mining halving is happening in early 2024. I think we pull back to the .618 at least and this seems to be around the 200sma as well. We could see a bottoming tail shooting down under the 200sma. All in all we are looking at a much needed correction.

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