Seeing a Bitcoin Range so different from previous Using Fib extFor me, this could start ringing an alarm bell.
I am still Bullish long term but his could be an early warning of an upcoming deeper Dip that th-20% we getting used to - There again, it may not.
We will only find out as and when it happens, as always
BUT.
The pervious 2 main ranges we have had this cycle have been in a Range between the 1 and 2 Fib extensions being the upper Trend line of range and the 618 just below them as ultimate support.
This is very clear on the chart
But this time, we are being rejected by the 618, the 2.618 to be exact.
PA did not have enough moemntum to reach the 3 Fib extension. As I have mentioned a number of times, We are Overbought on the MACD.
So, is this a problem ?
Not if we range enough and that weekly MACD cools down
Otherwise, a sharper Drop could happen, we need to watch this
BUT what I find interesting, is that GOLD is currently Also being rejected by its own 2.618 Fib extension.
Interesting to see how Gold has also used those Key fib extensions.
The Heavyweight has moved fast recently
Teh question is, Which is following Which.
We reached the 2.618 first, Months ago in fact.
Watch Gold, it DOES give us Views on the Market
