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On Friday, whenever every known stock in the universe was raging higher and every known “analyst” was bullish, I meekly put up a post called Tesla on a Tear where I pointed out TSLA’s stock price relative to its FIbonacci level. If I had even half a testicle left on Friday, I would have said to short the bejesus out of the thing, but – – – I didn’t. Suffice it to say that the high of the day was FOUR SHINY PENNIES above the major Fibonacci resistance.
It only took a few days early in March for Bitcoin to race up to its major Fibonacci resistance. Ever since then, BLAMMO, it’s pretty absolutely stymied. I find the power of this resistance to be remarkable (which means, of course, if it can ever manage to muster enough strength to get above it, BTC is going to rocket).
I’m just about ready to call it a day, but I wanted to mention before shutting down that Bitcoin appears to be pushing above its Fibonacci. In other words, it might be reaching escape velocity here, which suggests perhaps there’s a resumption of the need for a “safe haven“, as it had done a few weeks back when all holy hell broke loose. It could be nothing, but I at least wanted to mention it.
It merits repeating that Facebook (sigh, sorry, Meta Platforms) is at the 50% level and is exhausted from its risible ascent in recent months.
Here on Slope and on my tastylive show, I’ve been mentioning the tremendous sway that the Fibonacci Retracements have on the /NQ futures. Well, God bless ’em, they are performing as predicted.
