You do not have to draw lines and letters on a chart to figure that one out.
MikeJoseph
⋅
@Jeffreyyy, The lines are Elliot waves and they follow Fibonacci ratios so it's quite helpful to have an idea of price points, as well it's important to know where in the overall count you are on a micro and macro scale.
MikeJoseph
⋅
@Jeffreyyy, If we fail to break the resistance (upper blue line) you would want to drastically change your trading strategy.
Jeffreyyy
⋅
@MikeJoseph, Thanks, but I have a feeling things like the what happens with the Tether/bitfinex supeana are more of an indication then simply looking at lines and thinking becuase we passed one we will be good until 10k. Just trying to figure out how much truth this kind of analysis really holds to things.
MikeJoseph
⋅
@Jeffreyyy, Yeah totally when I first started I was skeptical, but when you do some research you find out that it's actually mathematical certainty, like a sunflower growing a certain pattern of seeds, stocks/ crypto follow similar patterns (Fibonacci sequences). Thinking the market is run by random world events is backwards actually it's like the "tail wagging the dog" fallacy - don't take my word for it, learn it and apply it for yourself :P