Fibonacci retracement at $51, 000 could be an obstacle for bitcoin

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Fibonacci retracement at $51, 000 could be an obstacle for bitcoin

- Bitcoin's rally of about 63% from a July low now faces a rare confluence of technical obstacles. An April low of about $47,000 is now acting as something of a barrier, as is the Fibonacci and Ichimoku cluster between $47,000 and $48,000, while the 61.8% Fibonacci retracement of the April to June downtrend - at $51,000 - could be an obstacle too? Edward Moya, senior market analyst for Oanda Corp. expects bitcoin to consolidate between $45,000 and $48,000.