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Can Bitcoin Rally Hold Above Key Fibonacci Level?

By Chris KimbleCryptocurrencyMar 27, 2024 14:58

ph.investing.com/analysis/can-bitcoin-rally-hold-above-key-fibonacci-level-196411

Can Bitcoin Rally Hold Above Key Fibonacci Level?

By Chris Kimble | Mar 27, 2024 14:58

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BTC/USD

-7.19%

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BTC/USD

-7.17%

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Bitcoin has struggled to overcome a very important price level for more than two years: the 1.618 Fibonacci extension level.

BTC/USD-Monthly Chart

BTC/USD-Monthly Chart

This price area is especially important as it marked Bitcoin’s original all-time high in November 2021. We eclipsed that this month, but price has fallen from those levels.

We can see this in this month’s long wick on the “monthly” chart of Bitcoin below.

If selling continues, we could end the month with a bearish reversal wick (and pattern). That’s a big “if” because there is still a few days to go in the month.

So stay tuned to see how this potential bearish reversal ends the month. It will be interesting!

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