FIB Bounces since 21th Jan

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
672 7 14
My first chart, so nothing fancy.
But kinda interesting to see the price hammered down the last two times, exactly at the fib levels.
Let me know what you think.
Cool chart ! It demonstrates nicely how price consolidated right at the 0.382 fib level, broke down, and is now again retesting the consolidation level :)
esuvari MagnusTradingGroup
cheers mate, appreciate the feedback
TV has made a little mistake with their standard fib levels: 0.764 should be 0.786 (when you are looking at retraces). You can correct that by clicking the gear button, and saving the changes as a template :)
esuvari MagnusTradingGroup
oh ok, in that case the first bounce is not really from a fib level. it did fall kinda short as it was, now even more so.
but I think both .764 and .786 have validity, they come from different formulas.
.7xx is not an actual fibonacci level anyway, so maybe the first one was a .618 bounce, that was just a bit overshot. (that makes better sense actually)
0.786 = square root of 0.618
0.236 = 0.618 ^ 3
0.764 = 1- 0.236


+2 Reply
Really interesting chart. Looks like fibo levels acting like resistance:-)
And each time went below lower fibo level, so if this pattern will continue target of short should be <2521 cny
esuvari oldstout
exactly.. let's hope to go down first, then I can worry about where to re-short :)
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