Blake Morrow’s EDGE Chart of The Day – Following ETF Approval, Bitcoin Hits Key Fibonacci Retracement Level
The highly anticipated ETF approval of Bitcoin and several ETF’s has come and passed, and this has allowed Bitcoin to surge to the long term key Fibonacci retracement level of the 61.8% retracement. Most traders know it is a scary idea to trade into a 61.8 retracement, let alone a long term weekly one. Especially as the RSI (relative strength) is divergent. We’d expect buyers on dips, but investors looking to take longs after a big “news event” like this at a key level should be warned!