$BTC Faces Golden Fibonacci Hurdle at R$122K.
#BTCanalysis
Bitcoin: Golden Ratio Eyed
As bitcoin (BTC) continues to trade flat in the R$116,000-R$120,000 range, the monthly chart shows R$122,056 as key resistance that needs to be breached to confirm continuation of the bull run.
That level represents the 1.618% Fibonacci extension, originating from the December 2018 lows, the December 2022 lows, and the 2021 high. The 1.618% extension is highly important because it's derived from the "Golden Ratio," a revered mathematical constant in finance. The level is widely found in nature and art, which is why many believe it also influences human psychology and market movements.
Resistance: R$120,000, R$122,056, R$123,181
Support: R$116,000, R$114,700, R$111,965.
#BTCanalysis
Bitcoin: Golden Ratio Eyed
As bitcoin (BTC) continues to trade flat in the R$116,000-R$120,000 range, the monthly chart shows R$122,056 as key resistance that needs to be breached to confirm continuation of the bull run.
That level represents the 1.618% Fibonacci extension, originating from the December 2018 lows, the December 2022 lows, and the 2021 high. The 1.618% extension is highly important because it's derived from the "Golden Ratio," a revered mathematical constant in finance. The level is widely found in nature and art, which is why many believe it also influences human psychology and market movements.
Resistance: R$120,000, R$122,056, R$123,181
Support: R$116,000, R$114,700, R$111,965.
