In addition, a long held belief in Bitcoin is an at or below 50 on the 1 Day chart is a good buy signal. $BTC rarely comes near 50 and when it does, it bounces. Bitcoin is sitting at 50.06 as I am writing this.
This morning Bitcoin looked likely to fall and it fell. It now looks likely to bounce.
It is also possible the move to near $14K distorted the RSI and EMAs just enough to create a false bounce flag. That's the impact of an outlier on data analysis like RSI and EMAs.
I've wondered about the impact on outliers in cryptocurrency prediction for a while now. RSI and EMAs are not meant to work under these types of 10% swings in a few hours. Theoretically the swings would create lag in an EMA meaning the "true 34 day EMA" was lower yesterday than what we saw on the charts. I wish I knew how to suppress data in TradingView.
The fibonacci trendlines on my charts are all EMAs. Most of them are using Fibonacci's relevant /numbers/fibonacci-sequence.html#
Specifically the ones I am displaying are here in my code which I adapted from someone else:
study("Fibonacci Trendlines", overlay=true)
plot(ema(close, 8), color=#20C2C5, linewidth=3, title='8 Day EMA')
plot(ema(close, 13), color=#c154de, linewidth=3, title='13 Day EMA')
plot(ema(close, 21), color=orange, linewidth=3, title="21 Day EMA")
plot(ema(close, 34), color=gray, linewidth=3, title="34 Day EMA")
plot(ema(close, 55), color=silver, linewidth=3, title="55 Day EMA")
plot(ema(close, 200), color=black,linewidth=4, title="200 Day EMA")
plot(ema(close, 255), color=blue, linewidth=5, title="255 Day EMA")
You can copy and past this code into your trading view Pine Editor and save it and have it forever on your charts.