I was just kicking this around, nothing too deep. But we swing low on the 12h 20 EMA about 2 or 3 times a month this year. The average drop in price on these swings (from previous high to new low) is 19%. But they varied quite a bit more, from low teens to over 30%.
If we applied that average 19% retracement to the current price action, that would take us -almost- exactly to the 62% golden fib, around $34.4k.
If we applied that average 19% retracement to the current price action, that would take us -almost- exactly to the 62% golden fib, around $34.4k.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.