If you measure the whole move from 900 to 20000 we are sitting at the 618 fib right now!
kaka900
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@mcbw_, why 900? that wasnt the bottom. you just modified chart so it fits your needs?
mcbw_
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@kaka900, Not quite. When you aim to measure an impulsive wave with the fib you can get much more exact levels by measuring the impulsive wave itself, rather than just choosing the high or low. The high and low can just be anomalous orders and sometimes can mess up fib measurements, the impulsive wave starts where there is an influx of volume, where the accumulation period is over, around 900 on my bitmex charts. You can use the fib levels to just choose the highest and lowest in a period for a given market, but measure the impulse if you are measuring an impulsive wave. The 618 of the last wave cycle was 8180 on the bitmex chart, which proved to be a good level to watch in this dip.
Cheers