Now the downtrend breakout and confirm new support on pullback (yesterday), Actually the 50MA is crossing up the 200EMA. Just wait for the volume to rise up
A_Cryptastic_Mind
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Hi @maga22 - In my opinion it definitely helps to lay-out the playing field within which the price can move: you can have a look at my XLM example and how bottoming and upward moves can be predicted with generally an astounding accuracy. Let me know what you think and take care :)
maga22
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@A_Cryptastic_Mind, Hi Cryptastic! Thanks for commenting. I really appreciate your opinion. :-)
Thanks, for sharing your graph. I wish I would know how to use Fibonnacci levels. I need to look into it soon. The greens lines need to cross the fibonnacci levels in order to "determine" where the price might go, correct?
A_Cryptastic_Mind
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@maga22, Hi maga(lie? :p ), for an upward trend, one should draw the Fib line at a / the bottom (so really at the point where the thin outlier goes) and stretch it out until it touches the highest outlier (so not the wide part of the candle, but really the outlier "high" of that candle). Apart from that it takes some practice to do it correctly. What do you mean with the green lines? If you mean the long green ones, these are connecting bottoms and tops respectively and provide us more information on where the price might find support or resistance (the longer term the line goes back, the stronger the support/resistance will be).
Hope that helps! :-)
maga22
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@A_Cryptastic_Mind, No, my name is not Magalie :-D
Thanks for the fantastic explanation! I think I will need to practice it a lot (I tried to add the fibonnacci levels here: but it doesn't seem right lol I suppose, that the long green ones are just "trend lines".
Thanks again for the help! :-)
A_Cryptastic_Mind
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@maga22, Hi maga, you should connect the outliers, so e.g. the purple space there, the line should start at the upper left "straw" (now you did it on the red one which is not the highest outlier ;-) )