And almost two full months later, that series is continuing as bullish price action is still showing on the daily chart. It was slow at first, but a series of higher-highs and higher-lows continued to price-in. Shortly after that support came into play, prices began to take on the shape of recovery. Bitcoin Weekly ChartĬhart prepared by James Stanley Bitcoin on Tradingview Collectively, these two prices make a price action support zone that’s so far held the lows in Bitcoin. I’m spanning that Fibonacci level up to the $19,666 level which was the all-time-high in Bitcoin from 2017. That retracement level plots at $17,792 and came into play on June 18th (with a date of 6/18 which is the golden ratio from Fibonacci). Support showed up at a key spot on the chart, with the 78.6% Fibonacci retracement of the 2020-2021 major move helping to carve the low. The sell-off was intense and continuous with a brief two-month pause from late January to late March. Bitcoin lost -74.5% of its value from that November high to the June low. The main difference between the move in Bitcoin and the move in the Nasdaq is size. And that case can be made for Ethereum, too. In Bitcoin, the recovery move, at least in my opinion, looks a bit more calm and from a technical perspective, orderly. In the Nasdaq though, that recovery has been frenetic, but similarly the index set it’s high in November of last year while finding support in mid-June.
And, both hit support in June, after which a recovery has staged. But, a simple comparison shows that there’s some similar drive showing in Bitcoin as the Nasdaq. Cryptocurrencies have seemingly been out-of-favor with macro strategies since late last year.
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