I am starting to practice Fibs in my trading and guess what, I am surprised!
Just take a look at how precisely 0.27 served as a reversal level! Both at Bitfinex and Bybit charts. Too good to be a coincidence.
I am long BTC from 8066 and targeting 8224 being a range high, as the first aim.
Then I want to show you BTC chart from a HTF perspective but I'll look at a 3D chart instead of a 1D that is most commonly used. But first things first, let's look at the Fibs
Just take a look at how precisely 0.27 served as a reversal level! Both at Bitfinex and Bybit charts. Too good to be a coincidence.
I am long BTC from 8066 and targeting 8224 being a range high, as the first aim.
Then I want to show you BTC chart from a HTF perspective but I'll look at a 3D chart instead of a 1D that is most commonly used. But first things first, let's look at the Fibs
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I mean something like this
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Target hit! Nailed it
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I must admit that this does not look promising for the bull at all!
What could be a support and a starting point for the bulls became a resistance. Sad
What could be a support and a starting point for the bulls became a resistance. Sad
If we scale out to 3D (1 bar presenting 3 days trading data) you can see that the bar is still active.
If it manages to reclaim 8300-ish then one could argue that breakdown was foolish and price will again be pinched within a falling wedge.
If so this can provide amazing long opportunities.