By Shofi Ahmed:
Smart topic! Well chosen for tonight’s Reality With Mahee. It’s worth watching. Mainstream media, CNN, Al Jazeera all keeping an ear on the crypto ground.
Riding the crypto ride is all the rage now. The hack so called Bitcoin is roaming big in DeFi (decentralised finance) space. Wall Street’s alchemists’ and retail traders’ eyes are on it. Bitcoin like no other financial instrument has managed to loop in both groups in its bandwagon. This in its own right is an interesting feat of DeFi led by Bitcoin. So whether it’s to make some more bucks or expanding knowledge of the contemporary economic climate it’s worth watching.
Bitcoin is now bound range after reaching dizzying AH, all time high, touching almost $65K. Then slid back below $30K making once again it’s typical crashes. Nonetheless, it doesn’t move chaotic, that’s important to know. Reading the chart is the key. It’s mathematical.
A math known as Fibonacci that traces it’s root back to Muslim golden age.
It’s named after Italian scientist Fibonacci. For Fibonacci sequence, however, he actually re-edited a book called Liber Abbaci, by medieval Muslim scientist, in 1228 upon a request from Michael Scot, the Arabist, philosopher and astrologer who was in the intellectual entourage of Frederick II, the Holy Roman Emperor (d. 1250). Professor Charles Burnett, at Warburg Institute, University of London, wrote these were translations of Arabic works from Toledo and Sicily.
Fibonacci is a prime catalyst on the golden ratios on the chart. That gives the traders a high probable window to see whether the move will spike or dive. For example, right now on the BTCUSD Coinbase flour hour chart at 17:13, price has retested 0.786 Fibonacci level a few times. If it finally breakthroughs to this crucial level then chances are pretty high, the price will continue to go up. On the flipside if it slides down below 0.236 on the chart then the high probability of a bearish reversal is on the horizon.
Recently Tesla guru Elon Musk’s tweets have been causing storms in crypto space. Nonetheless, for him too, to prove a hit on the mark has to score in the Fibonacci game on the charts. Perhaps, many of us are yet to know the early thrillers on the golden ratio pitch were again Medieval Muslim scientists.