Using Fibs as a metric I am able to identify pivot points in an unorthodox method. This can be used on any time frame but it is more consistent on higher time frames. First identify the local high and low on a structure (usually a slope shape or consolidation which is a string of slopes) Take the Fib Retracement tool and attach the 1 to the local top then attach the .500 fib to the local bottom. This will generally direct you to the .236 target. Once price reaches there you can wait for candle close confirmations to enter a position. Doing this reversed can predict price for bears and bulls once a price structure has been identified. You can do this on any time frame the perks of this method is to catch better price targets for whichever direction you think price will go. To clarify this is an unorthodox method but regardless we can see how a mathematical structure is heavily incorporated into price somuchso that even an unorthodox method can predict specific price pivots.
The next targets or zone of targets all lead towards 24-25k area. I expect much volatility running between 25-35k area.
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Here is an example of how to use it it on the 1 hour chart.
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And another example.
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Nearing the entry zone and waiting for confirmation.
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Similarities arise. I should also note that price hit a lesser target at 25.3k which triggered a 10% bounce. This could dictate a bottom (anything is possible.) However it is more likely for Bitcoin to hit a stronger support which is slightly lower. Imo there is no reason to fomo long until price retests support. Waiting for higher time frame candles will be the confirmation.
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Implied trajectory. If we can disrespect 28.4k-28.5k area we might have a more serious case for bulls. A rejection here will lead to the probable trajectory lower 24kish levels
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The idea is with each slope has a target and it cascades into more slopes creating more targets. Using it on the smaller time frames can be inconsistent (especially if your wave count is Elliots is off). Here I try to show how sometimes multiple targets condense in a zone giving a better idea of how significant the rejection can potentially be.
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Interesting similarities. Bitcoin on the 30 minutes inverted compared to the one-day chart.
Trade active
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Price touched 24870 I am laddering 3x long leveraged tokens (No stop loss) for swing trade. However, you might be able to land some higher-risk leveraged longs here. Trade at your own risk! Good luck.
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The market will likely hit a market cap of 6+ trillion. Details and reasons are posted in the new idea!
@TradingView, perfect. can get a cup of instant noodles now.
emegsman
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stop this, it won't work out..
itradeFx
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This is funny . I have been using this Fib Strategy since 2013 . People think I created it but I did purchase it from 1 of those fly by night FX scams as been a Fib user I back tested amd Forward tested it with great success. it is my Bread and Butter in all Markets. Good Job!!
@colormarklabel, you should've sold everything at the top. Doubt or no doubt. Greed is one of the deadly sins that you will answer for. Oh I am sorry, been answering for already.
@colormarklabel, don't have any money 100% invested in shorting the market. I will be organizing a charity foundation for poor people once I am rich. Pm me and I might give you some scraps. Enjoy the ride to hell. XD 5k buddy