Bitcoin - Big players are using these levels, so why not you?
Before reading, please show me some love by liking and commenting! It's free, so why not?
In this post I want to show you the power of the Golden Pocket (0.618 -0.65 Fibonacci retracement). After one year in a downtrend, we finally saw that price increased and reached a high of $13920 on Bitmex.
But why did the price stop exactly at this level?
For those who think that TA is not working, here is the answer:
Fibonacci is a fantastic tool that works in all markets of the world, and when you understand how to use it, it make the difference between an amateur and a pro trader.
In this example, since we are looking for a short opportunity, we just took the high that we reached the 11 December 2017 and the low of 10 December 2018. And what do you notice? Yes, price stopped exactly at this Golden Pocket.
Is this a coincidence? Not at all.
Why this level is very important and why do you see price rejection most of the time at this level?
Because big players are using it, financial institutions with large capitals that have very complex trading algorithm use it every single day, whether it is for scalping, day trading or swing trading.
Now when using the Golden Pocket we don't want to blindly long or short at this level. What we are looking for is confluence with at least something else.
In this case, what made this trade a high probability one is the fact that the Golden pocket was sitting exactly at the previous weekly level of $13873 (previous support that became resistance) which is enough of a confluence to take the trade.
Big players are using those levels, so why not you?
If you love this content please support me by sharing, commenting and following me! Thank you and ...
Have an amazing day!
In this post I want to show you the power of the Golden Pocket (0.618 -0.65 Fibonacci retracement). After one year in a downtrend, we finally saw that price increased and reached a high of $13920 on Bitmex.
But why did the price stop exactly at this level?
For those who think that TA is not working, here is the answer:
Fibonacci is a fantastic tool that works in all markets of the world, and when you understand how to use it, it make the difference between an amateur and a pro trader.
In this example, since we are looking for a short opportunity, we just took the high that we reached the 11 December 2017 and the low of 10 December 2018. And what do you notice? Yes, price stopped exactly at this Golden Pocket.
Is this a coincidence? Not at all.
Why this level is very important and why do you see price rejection most of the time at this level?
Because big players are using it, financial institutions with large capitals that have very complex trading algorithm use it every single day, whether it is for scalping, day trading or swing trading.
Now when using the Golden Pocket we don't want to blindly long or short at this level. What we are looking for is confluence with at least something else.
In this case, what made this trade a high probability one is the fact that the Golden pocket was sitting exactly at the previous weekly level of $13873 (previous support that became resistance) which is enough of a confluence to take the trade.
Big players are using those levels, so why not you?
If you love this content please support me by sharing, commenting and following me! Thank you and ...
Have an amazing day!
