Reply To: Traders Market Weekly: Eyes Up on Retail and Inflation

#36651
TradersCom
Keymaster

Bitcoin testing swing area and 61.8% retracement
Swing area between $28,600 and $30,044

The price of bitcoin has moved to a low of $29011.10 today and in the process has moved down into a swing area between $28600 and $30044. The current price is at $29814.

Also, in that swing area is the 61.8% retracement of the move up from the March 13, 2020 low at $28,737.10.

The high price (and all time high price) reached up to $69000 on November 9, 2021. The price decline from that high to the low today has taken the price down 57.95%. So although the price is still quite a ways from the March 2020 low at $3850, it is also nearly $40000 from the all time high.

Anyone who bought and HODLed bitcoin from June 22, 2021 are losing money. Move below that level, and anyone going back to early January 2021 would be losing money. That is 492 days ago.