LONG BTCUSD - Analysis of previous fibonacci retracement levels
I thought it would be interesting to compare the major peaks in the BTCUSD 0.10% downward trend today and look at the amount that the market retraced after each peak and trough.
Overall, with one exception, the new peaks retraced to at least 0.5 on each time.
The exception (in green) retraced to above 0.5 well into the 0.618 range.
I think this shows a strong precedent that the market will again retrace to at least 0.5 (6500) over the next day or two. Currently the market is at 6357.
Overall, with one exception, the new peaks retraced to at least 0.5 on each time.
The exception (in green) retraced to above 0.5 well into the 0.618 range.
I think this shows a strong precedent that the market will again retrace to at least 0.5 (6500) over the next day or two. Currently the market is at 6357.
Trade closed: target reached:
It took 5 days but today in the morning the target price has been reached.
The 'peak' I was measuring was a single candle, whereas previous peaks have been several day long candles.