Fibonacci channel will lead the way for BTC? Interesting find:
The Fib Channel uses 3 points:
Low, Second Low and a High that's in between.
I've chosen the 2013 local low, 2015 capitulation low and the 2014 Blow off top at ~ 1,150$. Note how all major lows and highs are respected including the 2017 blow off top.
The channel perfectly caught the 14,000$ local top in June 2019 (0.5 Fib), the capitulation in March 2020 as well as the current highs in April and November 2021 - finding resistance at the 0.618 and 0.5 Fib respectively.
Currently, we are at the 0.236 level, which when broken to the upside (in 2017, 2019 and 2021) let do a big increase in price. This is a subjective price predicting tool, much like all others, so still use with caution.
P.s. if you play around and make a separate Fib Channel for each cycle thus far, you will find that the 1.0 always acted as resistance for the final Blow off top.
Low, Second Low and a High that's in between.
I've chosen the 2013 local low, 2015 capitulation low and the 2014 Blow off top at ~ 1,150$. Note how all major lows and highs are respected including the 2017 blow off top.
The channel perfectly caught the 14,000$ local top in June 2019 (0.5 Fib), the capitulation in March 2020 as well as the current highs in April and November 2021 - finding resistance at the 0.618 and 0.5 Fib respectively.
Currently, we are at the 0.236 level, which when broken to the upside (in 2017, 2019 and 2021) let do a big increase in price. This is a subjective price predicting tool, much like all others, so still use with caution.
P.s. if you play around and make a separate Fib Channel for each cycle thus far, you will find that the 1.0 always acted as resistance for the final Blow off top.