Bitcoin Price Analysis: More Bulls Waiting at Channel Bottom?

Applying the Fibonacci retracement tool on the latest swing low and high shows that the 61.8% level lines up with the bottom of the channel around $6,400. The 50% Fib is closer to the 200 SMA dynamic inflection point while the 38.2% Fib lines up with the mid-channel area of interest.

Bitcoin has been on stronger footing as it tests the rising channel top.

Leave a Reply

Your email address will not be published.