DanLaffas
Short

BFX Daily - Short the hell out of it!!

BITFINEX:BTCUSD   Bitcoin / Dollar
206 2 1
Just playing with fibs, trend lines & EW's while ignoring news/event based emotions. It's interesting where they cross over.

I honestly can't wait to finish this downtrend and hit a new ATH             . Daddy needs a brand new ride! ;)
sonus
2 years ago
Can you explain some of the down-trending dotted red lines? How were they drawn?
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DanLaffas sonus
2 years ago
The basis of this chart was taken from DanV here
Bitcoin - Short & Intermidiate term still Bearish
You'll see the lines I've copied from his.

After that I just tried looking for other indicators that crossed at common points. The first dotted red line I drew was the bottom one. The others are all clones of this line so have the same slope. I basically just looked for where they fit in the downtrend acting as support and resistance.

Next I used the trend based fib extension running from Jan- high to Feb- low to Mar- high (blue dashed lines) and marked the three target balloons at the 0.5, 0.618 &1.0 fib extensions.

I hope this helps. I'm still quite new to this (~3 months) and still have a lot to learn, so don't take my stuff as gospel. :)

Lastly I added the fib channel using the Dec high to low leg as this lined up nicely and follows all other trends (or all other trends follow this fib channel).
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