For someone who has never trade a crypto in his life, I sure do blather on about it. But I’ve got to say, I remain slack-jawed with amazement at the behavior of Bitcoin vis a vis its Fibonacci levels. I’ve mentioned repeatedly the major level at about $7200. Well, not only did that provide support, but it did so with an explosive, eye-popping move to the upside:
This is a nearly perfect right triangle formation. It looks like the folks who got caught up in all the excitement above $9500 are left holding the bag. This is truly a fascinating creature, particularly since it is a far more organic, less manipulated market than, oh, say, U.S. equities.
And I guess this was the motivation……..