Bitcoin has a monster 2+ yr base/cup and handle, and after such a huge hear it's pulled back a little. Nothing unordinary. This seems to be very healthy so far.. These fibonacci lines should be most important sentiment levels from the highs at 19666 to the base lows around 1100.
Each line from the Fibonacci Retracement tool will show the resistance and supports.
The name of the game is HIGHER LOWS.
Currently, since the highs of mid December, - the chart of BiTCoin shows NO NEW HIGHS and more LOWER LOWS. Thus, we say the coin is "Pulling Back" or "Consolidating" from it's run to 19,000.
By no means is the overall trend (Long-Term) ruined, but we are in consolidation mode. a SLOW and METHODICAL pullback is favorable in an OVERALL long-term UPTREND vs. a VOLATILE and FAST pullback with MASSIVE DROPS.
Good luck mi amigos
Fattywiz
Each line from the Fibonacci Retracement tool will show the resistance and supports.
The name of the game is HIGHER LOWS.
Currently, since the highs of mid December, - the chart of BiTCoin shows NO NEW HIGHS and more LOWER LOWS. Thus, we say the coin is "Pulling Back" or "Consolidating" from it's run to 19,000.
By no means is the overall trend (Long-Term) ruined, but we are in consolidation mode. a SLOW and METHODICAL pullback is favorable in an OVERALL long-term UPTREND vs. a VOLATILE and FAST pullback with MASSIVE DROPS.
Good luck mi amigos
Fattywiz