Armed with Fib Wizardry I attack the chart from low in mid July 2017.
We can clearly see that the prices kiss the 0.618 fib on every run since then.
On our recent crash we broke through the 0.618 fib on the shorter term but behold, we found support at the 0.618 fib level on the long term.
This is a nice confirmation for me, we don’t like calling bottoms in markets, but at some point we have to start pulling the trigger.
Classic analysts look to the indicator (among other) on the 1 day candles to help them determine turning points in the markets.
We also analyze the patterns and also the themselves.
Since we have been facing so much fake news and weak hands, the prices could dip again and test the 8k zone, should it break we will place buys in the 7k zone.
In a correction it is always wiser to break up trading positions while probing for the bottom.
I am looking for the prices to consolidate above 9k to confirm the pressure, but the trading is back and that is always a good sign.
Remember to come chat to the Market Wizards on Discord, safe trades.