Bitcoin Nears Major Fib Level
Bitcoin got a lift from the FOMC statement Wednesday, but this was just a fool's rally. As we predicted here, 40K proved to be a significant barrier and we rejected this level immediately, selling off sharply and smashing through relative lows at 37.7K which previously held strong. We saw a double bottom at this level and the fact that we were able to cut through it so easily with the selloff is not a good sign for Bitcoin. We are currently finding support just above the next level at 34.9K. We should stress that this level is quite significant as it is a major Fibonacci level on the daily chart. If we are able to break through, then the next Fibonacci level is at 29K. If we are able to pivot off current levels, then we must first break through 36.7K then 37.7K, before we can consider 40K again.
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