Bitcoin seems to be the hot topic these days. I send out a couple of bitcoin all access charts and the twitterati goes wild. It’s a quick tell that there is certainly interest.
It was not quite like this before Bitcoin was able to exceed the 2013 highs. But once prices got going and all-time highs became a regular thing, the cults start to follow. Contrary to popular belief, the price of Bitcoin hasn’t just gone straight up. The cryptocurrency, in fact, has gone through a series of very symmetrical and well-defined corrections along the way. Today we’re taking a look at Bitcoin from multiple time horizons to get both long-term and short-term perspective using our Fibonacci tools. When it comes to setting traditional prices targets and risk management levels, it becomes a challenge when the stock or asset in question has never traded there.