BTCUSD Fib extension WHY DIDN’T ANYONE THINK OF THIS BEFORE?

Fib extensions are something that I always use too late in the game and this time I am getting ahead of the game. I don’t have a lot to say right now except I think we don’t need to pay too much attention to the fib ratios between 1 and 2. There are actually a lot of fib ratios that could turn out to be important but I am not surprised that 0.5 was important, people like round numbers.

The fib 2.272 of 44,444 is just too juicy to ignore and the ratio of 4 at 78k is nice and even and the ratio of 4.764 is as close to 93k as one could hope. Some of these numbers seem “funnier” than others so it will be nice to see how they play out. I hope to return to this chart over the next 3-5 years to see how these levels play out.

Comment:

Hit the play button and we have clearly found support on the 0.5 fib extension level. There are going to be a lot of nested fib retracement levels still existing between here and there but we can now see that, for now, this is a valid chart.

Which supposes that once we break past our previous high our next stop where we should consider major resistance and consolidation is 1.618 at $31.7k. If for some reason we blow past that onto high fib extention ratios we would expect to retest one of the most used levels. If you are hot money or a swing trader expect some waiting at these fib levels, as I repeat myself, the chart is showing its validity.