Anarchytrader

Fibonacci steps that could mean nothing, what do you think?

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
This chart is a little confusing at first.
Each colored pair of lines represent each correction. If you draw Fibonacci retracement between the pairs, the black pair is the first, green the second and blue third. Each correction only makes it to the 38.2 line of the previous correction. The red pair marks a possible scenario for a fourth correction, with the bottom near the 60-65 area.
This was just a pattern i saw when drawing far to many Fibonacci lines on the chart.
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