Bitcoin within a stone’s throw distance of key Fibonacci level.

If you have been following our Bitcoin analysis on Forex Analaytix for the last couple weeks, we have been bullish on the instrument as we had a bullish wedge develop and then subsequently breakout higher. However, the daily RSI is very overbought and we are a couple dollars from the 61.8% Fibonacci retracement of the 61.8%. This is from the start of the move lower in November to the lows of December 2018. There is a good chance we overshoot this level, but longs must be very careful at current levels.

BTCUSD CoD

Blake Morrow