Good morning people.
The 0.618 fibonacci is proving to be a strong support like the 0.5 was.
The 0.618 fibonacci is proving to be a strong support like the 0.5 was.
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0.786 may be spiked again but in my view this is solid
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Let me check if I put that Fibonacci correct. If my idea is correct iI should start from just after september when last time RSI was oversold. Let's see
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I found this on investopedia: The most significant Fibonacci retracement level to watch for is the 0.618. This is the inverse of the golden ratio, 1.618 or phi. The 0.618 retracement level tends to be the maximum pullback zone where fear climaxes as the final sellers throw in the towel and bargain hunters rush into the stock to resume the uptrend. On downtrends, the 0.618 price level should be where the final buyers are exhausted as sellers take the opportunity to unload their positions and short-sellers jump off the fence to push down the price and resume the downtrend. Some traders prefer to wait for two to three candlestick closes above or below a Fibonacci retracement level to confirm support or resistance before placing a trade.
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This idea is the continuation of the idea before and the idea before and so no. So here is the link of the previous idea.
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I was reading a comment which was pointing out that we are in bear market. I think he may be right but depends on what distance it's looked from. That bear market may be just temporarely and the 61 fibonacci is the perfect spot for a turn around.
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Think about it...
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Can Bitcoin be bear?
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ok calm down. I have to stop being emotional. Let's think.
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Ok my ego just made me think that a person referred to me in a twitter. I am going insane. lol
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I will go and look for short- term view to see what is going on. In the meantime here is one. It's combined with ETH but we are looking for sentiment and momentum. I think. lol
twitter.com/PeterLBr...s/957225307559231488
twitter.com/PeterLBr...s/957225307559231488
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Here is the link of an idea of MagicPoopCannon. I don't know what bears flags there in a triangle under a big resistence mean it but if its target is right a very nice move may happen if we have patient enough and wait.
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When you see a terget it's like when you see land after a long jurney. The last part is the most difficult because we get impatient. We would like to be already there. We see it. And that's when we start making mistakes. Sorry. When I start making mistakes. My anxiety kicks in and makes me do stupid things. Be patient and learn to wait.
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I don't know the target. I am not a professional trader. I am just trying to understand how, why and when as my mother-in-law invested in BTC two week ago and keeps making my life hell by asking me every five seconds.
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I told her to wait but she did't listen. lol
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The RSI provide support at 52/53