One of the biggest breakouts of 2020 came by way of . And it was epic.
The coronavirus crash saw the cryptocurrency retest its 2018 lows before rocketing higher in parabolic fashion.
Did Bitcoin Peak? What’s Next?
Today we examine a “weekly” chart of Bitcoin, highlighting its parabolic rally… and recent reversal lower.
The rally in Bitcoin surged all the way to the 361% Fibonacci extension level at (1) before creating the largest bearish reversal in years.
In just a few weeks' time, Bitcoin is testing its 261% Fibonacci level near 31,000 at (2). This is a big test of support for the cryptocurrency. A “weekly” closing below this support level could bring a decline all the way to 20,500 and its 161% Fib level at (3). That would be a full retest of the 2017 highs!
What Bitcoin does in the days/weeks ahead will be important for traders. Stay tuned!
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