Can Bitcoin Rally Hold Above Key Fibonacci Level?

Bitcoin has struggle to overcome a very important price level for more than two years: the 1.618 Fibonacci extension level.

This price area is especially important as it marked Bitcoin’s original all-time high in November 2021. We eclipsed that this month, but price has fallen from those levels.

We can see this in this month’s long wick on the “monthly” chart of Bitcoin below.

If selling continues, we could end the month with a bearish reversal wick (and pattern). That’s a big “if” because there is still a week to go.

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So stay tuned to see if how this potential bearish reversal ends the month! Will be interesting for sure!

Bitcoin “monthly” Price Chart

bitcoin price rally highs double top pattern resistance chart year 2024

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The author may have a position in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.