Supply & demand is the key to limiting the distance of price movement and as a projection to correction and price reflection.
Combined with trend gauges such as EMA and overbought/oversold also makes the position stronger/regular.
HOW TO SET UP FIBONACCI KEYLEVEL GCOV5 SETTING INPUT
Application of PIVOT POINT ( PP gray) and combined of 2 set Fibonacci keylevel >5min chart timeframe
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Here was an example of a trading strategy using the auto key level GCOV5. How it works, BTCUSD, 1H, combined Weekly & Monthly FIBONACCI KEY LEVEL While if PP ( now as support) breakdown next, we’ve to assume that it will move down to S again. This is because prices will not continue up/down to straight forward. it moves in liquidity behavior. While FCPO lacks.
DISCLAIMER: NOT A BUY/SELL CALL, ONLY IDEAS AND RESEARCH ANALYSIS BASED ON INDICATORS. TAKE IT AT YOUR OWN RISK.