Approaching previous highs . Add a tiny bit to my short. No reversal yet on small time frame but i hate to watch all day so i start adding little bit . It was engulfing on 5 min above bolinger from round number.
Fibonacci retracement everything in first red zone more powerful and have more potency to move than if something happens outside this first zone. Because if tp sits on 0.38 to reach that level trend don’t have to be broken it can just retrace so when it retrace from middle of red to the middle of first green everyone is in agreement sellers and byers don’t step on each other toes-it just retracement , nothing to worry about. This makes target for the move originated from red level above 0.23 to the middle or bottom of 0.38 very easy to reach. But if move originated from below 0.23 and 0.38 it makes target harder to reach because it takes to change structure of the move to get to next level. Now looking on bitcoin now: Trying to break to down supporting bunch of moving averages on 1hr . They look like same breaks on left side, but they different - last one has more power to move down.why? On the right i can see fibonacci retracement and same breaks now look different. First happened already passing down red level 0.23 last happened in the 0.23 fibo and it will be easier for it to reach 0.38 level. So bitcoin start breaking support moving averages in the 0.23 fibo. More like for correction to occur to at least next level.