Analysis consists of considering fibonacci progression using the first pivot.
The purpose of the analysis is to show that the supports and resistances of BTC and any other cryptocurrency (in general) are extremely well defined in the technical analysis of TOTAL
The "maximum" fibonacci progression is at level 1.0
It is noticed that when reaching 1.0 fib in TOTAL, an extremely strong selling force appears. At this point, despite BTC indicating an uptrend as it has surpassed 0.786 fib resistance and last ATH, BTC enters a strong drop.
It is worth considering that in the drop at the beginning of the year, the level of 0.5 fib (TOTAL) acted perfectly as a support, while BTC regressed without touching any fibonacci level
BTC and all cryptocurrencies remain in a downtrend as the downtrend line (TOTAL) has not been broken.
The purpose of the analysis is to show that the supports and resistances of BTC and any other cryptocurrency (in general) are extremely well defined in the technical analysis of TOTAL
The "maximum" fibonacci progression is at level 1.0
It is noticed that when reaching 1.0 fib in TOTAL, an extremely strong selling force appears. At this point, despite BTC indicating an uptrend as it has surpassed 0.786 fib resistance and last ATH, BTC enters a strong drop.
It is worth considering that in the drop at the beginning of the year, the level of 0.5 fib (TOTAL) acted perfectly as a support, while BTC regressed without touching any fibonacci level
BTC and all cryptocurrencies remain in a downtrend as the downtrend line (TOTAL) has not been broken.
Comment:
Since Tradingview does not update the TOTAL chart, here is the TOTAL post with fibonacci applied:
Comment:
TOTAL - Max Fibonacci Regression (1.0) = support 0.5 fib genesis
