The Long Investor

$BTC

Added 2023-08-05 18:44:16 +0000 UTC

Very slow movement from $BTC over the last 6 weeks, barely moving in either direction but slowly drifting down the Fib levels but using the 0.38 Fib at $29k as a base level.

We can see that the 200 Day MA has come right up now and is just below the 0.618 Fib, eventually both of these points will reach each other.

The last time both of these points met each other was in March 2023 and we can see that there was a powerful bounce at this point.

Wouldn't the perfect scenario be if the price met the 200 Day MA right exactly at the 0.618 Fib, this would be Subwave 2 complete at the perfect spot and you would expect to see a reversal here, more than at any other spot.