The sudden burst Bubble of Bitcoin price has brought people panicking. Analyst predicted an imminent correction. As they saw the fibonacci retracement to analyze the price of bitcoin to determine its support and resistance levels.
“According to Fibonacci analysis, the way bull markets typically work is that you’ll have a pullback that stops when it retraces a key percentage of a previous move higher,” CNBC explains, adding that these key percentages come from Fibonacci Ratios. Examples of key ratios which technical traders like to use are .618, .786, 1.27, 1.618, and 2.618.
“$2,800 could be the level at which bitcoin begins its fall. The price is likely to hit $1,780, but could even fall as far as $1,470. “
“After that, there should be a sustained rally to $3,350 and then $4,480 in 2018.”
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