ninjabenja
Short

What time is it??

BITSTAMP:BTCUSD   Bitcoin / Dollar
97 2 1
FIB TIME!!

I just thought I would publish this one for the benefit of wider audience review.

A while back I was playing with the fibtime tool and it seemed to not only generate a lot of interest, but was extremely accurate. Of note is that highs and lows are consistently occurring at each fib time band. Notice also that our most recent low (as of today) was almost smack in the middle. What this implies is that we've not hit our lowest low for this time frame, or (if you're a perma-bull) we're going to see a structure high...like in the next few hours. Good luck with that bulls.

EDIT: We actually did see a higher-high... although very fleeting. Thanks for making me an asshole bulls.
Hi. Interesting to see this, thank you.
What do you guys mean when you talk about 'structure' / 'structural'?
Thanks a lot,
John
Reply
In the chart shown here:
snapshot
I've pointed out some structure highs and lows. Structure is really just the "skyline" price makes when it does what it does, going up and down. We determine trends based on what price does relative to previous "structure" and we also watch for areas of resistance or support based on structure. Think of structure like bones; they're sturdy but not un-breakable. So, in the chart I linked there, we see that price not only broke below previous structure making a lower-low, but also had a closing candle below confirming it. Now we watch for the lower high thus confirming further that the downtrend continues. Conversely, higher-highs/higher lows signals up trend reversals or continuations.

There are probably much better explanations out there, but... there you have it :)
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