CME Bitcoin Futures downswing Fibonacci retrace
Continuing from my previous chart. Fibonacci downswing retrace is always 61.8%
- All vertical lines are the CME Bitcoin Futures expiry dates
- Each orange vertical line, shows a CME date that was preceded by a bounce
- Following those dates (orange), there is a short retest of the recent high
- The price then drops all the way back down to test the start of that bounce
- After testing the lower trendline, the downswing Fibonacci retrace is always 61.8% (to meet the upper trendline)
- This cycle repeats until the price breaks down to a lower plateau trendline
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