In this episode of NewsBTC’s daily technical analysis videos, we examine how Bitcoin might have bottomed precisely at the 1.618 Fibonacci extension, using Elliott Wave Theory.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 29, 2022
Using the Fibonacci retracement tool not for retracement but for extensions, we have found a golden discovery using math.
Did Bitcoin Bottom At The Golden Ratio?
In Elliott Wave Theory, corrections come in ABC patterns. Taking the Fibonacci retracement tool to draw from the bottom to the top of the A wave will provide a Fibonacci extension target for where a C wave correction might end. The wick down to $17K touched precisely at the 1.618 Fibonacci with pinpoint accuracy.
1.618 is the golden ratio, also known as the divine proportion.
Bitcoin downtrend stops at precisely the golden ratio Bitcoin Price (BTCUSD) Analysis September 29, 2022.” width=”500″ height=”281″ src=”https://www.youtube.com/embed/JQg_MNHnYpM?feature=oembed” frameborder=”0″ allowfullscreen=”allowfullscreen”>
In Elliott Wave Theory, corrections come in ABC patterns. Taking the Fibonacci retracement tool to draw from the bottom to the top of the A wave will provide a Fibonacci extension target for where a C wave correction might end. The wick down to $17K touched precisely at the 1.618 Fibonacci with pinpoint accuracy.
1.618 is the golden ratio, also known as the divine proportion.
Bitcoin downtrend stops at precisely the golden ratio
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