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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Disclaimer
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.