 | Going into the weekly chart BTC/USDT on Binance. We now click on the "Fib Retracement" In order to properly use this in the long term, we can take it from the Bitcoin's ATH, which was exactly 69k according to this graph, until the bottom we've hit after, which is $17622. We got this now. The general rules are that, when it's 88.6% (63k in this case), if you want to be safe, you might withdraw your initial investment. Then on 161.8%, you withdraw 20%, same goes for 261.8%. Then on 361.8%, you can withdraw all of it or 40% so you'll leave 20% for the 461.8% level, but it's unlikely that'll be reached. Does history check out? If we add a Fibonacci Retracement on the 2018 bear market, we can see that this would've worked on the 2021 bull market pretty well. You can play with this and test it as you wish, as it's a good general rule of thumb. [link] [comments] |
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