- Trough: ~$970
Fibonacci Time Zone interval: 8 days
Fans: Based upon a 45 degree angle, trough to peak and peak to trough
Fibonacci Circle: From trough to peak
Scale: Log, no auto scale, 20/20/20 margin
Price/bar ratio: 0.0047485
On the Fibonacci time zone, we are shown dramatic price changes per time zone. I believe since we have nearly fully retaced, the value should increase again.
Based on previous data, we can see that there is a slight dip before entering it. It might be the same the other wise.
I've noticed that the current downtrend of $BTC can be either two things: a downtrending channel or a . I obviously prefer the latter, but I cannot chart a that I like.
All the tools used are based on the Fibonacci Sequence, sans the Ganns fans. I usually use indicators such as overlaid indicators and RSI/OBV, but I felt like all these were unneeded since the drawing tools I will be using create their own supports.
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Right now is yet another crucial time for $BTC. If we break the 38.20% line without any candles, I am expecting a free fall to the , ~$5,000. I want to believe this is our true bottom, based upon tthe support given by the fans intersecting and, retracement. But if we look back to MtGox, it even retraced further under the 50% after a another Fibonacci time zone begun. Spooky!
Because our value exploded in 2017, the cannot provide support like it does for stocks; instead, we end up with extremely high and a ~$5,600 bottom until we can breach the next line.
Explanation of the tools used. This may be skipped or critiqued.
- Fibonacci circle: This was drawn from trough to peak (~$930 -> ~$1950); As you can see, the inner circles were used as supports and resistances; however, because the value jumped so quickly, we aren't afforded the luxury of circle support, only FIbonacci retacement levels. This means we can face many rejections back down to the previous , whether that be ~$8,500 or ~$5,600.
Fibonacci Retracement: Throgh to peak, essential tool of traders. Predefines future supports and resistances; can be used to find bottoms or ATHs.
Fibonacci Time Zone: 8 day interval between 0 and 1. I lined it up wth major market movement, with its starting point in a period of high voliatility,
Fibonacci Circle: trough to peak/ till based on the fib sequence; each upcming line is resistance, while the lind before it support.
Gann Fans I verified they were 45 degrees and didn't move the scale afterwards. 1x1 lines were not held, looks like the 1x2 on the top will be new support. Looks good for going side ways at$ $8,000 for now
Volume: A simple way to determine market action, sentiment, and trend.
I was just searching for Gann fan stuff as I'm learning about it now.
Now in the main chart setting you can "lock" the chart so that you can scale without change in your 45 angles.
You just have to set the ratio to lock to. Still not sure of this, but for BTCUSD a price/bar ratio of 100 seems to work on the day chart