Long

BTCUSD Resistance Level - Fib Confluence

Updated

The precision of the confluence between the two fib retracement levels struck me when I was plotting out resistance levels. On that basis I suggest keeping a close eye when price reaches 12,961. A break above would be very bullish but I think it is likely there will be some retracement from near the 12,961 level before the next wave up.

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Also, price is currently coming up against the 38.2% retracement level of the entire move down from the ATH

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*61.8%

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And hey! Here's another fib confluence!

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Broke above the descending trend line (so long as you are not using a log scale), which I see as major progress. The trend line then provided support and price now has some fib confluence to test at ~11,315. Above that and I think we can say we are confidently in wave 3 of the larger impulse, in which case, we might even retest the ATH in the next few months.

jackjamesholmes

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