BTC WEEKLY & The Astonishing beauty of FIBONACCI CIRCLES
The first thing to notice here is simply how that RED 236 Fib Circle caused rejection EVERYTIME PA hit it. That is the SAME fib Circle from 2021 and Now, in 2024
That is amazing enough but what is ASTOUNDING is simply that the Root points used to create that Fib Circle are based in 2023, in fact, it is Jan 2023 and then the first high after.
https://www.tradingview.com/x/MXWv55qh/
SO, This Fib circle that technically did NOT EXIST in 2021 was rejecting PA. And not Just once, it rejected PA in 2021 14 times on a weekly Chart.....14 weeks of rejection.
Just let that sink in.
That last rejection was so strong, we only Just managed to come back up to hit it again last week after a 2 year Bear.
So, What now ?
What us different now is how, the last candle went down and bounced off the lower Fib Circle....that happened once last time and PA fell away for a few weeks after.
This could easily happen agani as we have a falling overbought RSI, as it is on the MACD.
We will have to wait and see what happens But this Fib Circle HAS to be broken at some point and I doubt we have the strength right now....
But, this is Bitcoin - Anything can happen and often does.
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