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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.
Even though I haven’t touched crypto since 2021, I remained stunned at what a chart-friendly creature it is. Most recently, I called for the rapid ascent in BTC to poop out at the Fibonnacci level. Take note what a good job the Fibs did for both support (green tint) and resistance (magenta tint). The recent “repulsion‘ was particularly incredible, with an accuracy of 100.003%.
I’ve got to say, I was wrong about crypto – – or, more specifically, wrong about Bitcoin and Ethereum. To be clear, I still think crypto is useless, but maybe we’ve found a very specific niche case where it excels: that is to say, a reliable safe haven for fixed assets (a digital gold, some have called it). There’s no arguing with the stellar performance of Bitcoin this year………..
