BITCOIN - What does Fibonacci say?

Bitcoin had fallen about 18% since last week when it began to decline. The recent fall of bitcoins has also had a leverage effect on Alts, and almost all Altcoins have fallen during this period. Bitcoin is currently priced at around $ 36,900.

Today's market cap is about $ 1.65 trillion, which is a few percent less than previous days. The trading volume of the last 24 hours was about 108 billion dollars. Bitcoin dominance in the digital currency market is about 42.2%.

Today's Fear and Greed Index of the cryptocurrency market stands at 20, which is in the Extreme Fear range. Last week, with the fall of Bitcoin, this index also increased from the range of 50 to 20.

By drawing the Fibonacci tool on the previous wave of Bitcoin, we can determine the Fibonacci support points on the current wave. Bitcoin has already broken the 61.8% Fibonacci level. If the downturn continues, the 78.6% Fibonacci level could be the following support for Bitcoin.

The 78.6% level in Fibonacci is a strong technical level and may stop the fall. So the next bitcoin support is in the 78.6% Fibonacci range. If bitcoin stops at this level, the high levels will be considered as resistance areas in bitcoin.

If the current price does not recover and does not reach the level of 78.6%, the level of 61.8% will appear as support for Bitcoin, and for further growth of Bitcoin, it will have to make short-term floorings at this level.

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