Fibonacci was an Italian mathematician who came up with the Fibonacci numbers. They are extremely popular with technical analysts who trade the financial markets, since they can be applied to any timeframe. The most common kinds of Fibonacci levels are retracement levels and extension levels. Fibonacci retracement levels indicate levels to which the price could retrace before resuming the trend. It's a simple division of the vertical distance between a significant low and a significant high (or vice versa) into sections based on the key ratios of 23.6%, 38.2%, 50% and 61.8%.
Price tends to come back to these levels before continuing the predominant trend. Fibonacci extension levels indicate levels that the price could reach after an initial swing and retracement. TradingView has a smart drawing tool for Fibonacci retracements and one for Fibonacci extensions that allow users to visually identify these levels on a chart. Both tools are fully customizable and levels can be changed or added.
If the price is able to complete the CD leg and reach the Sell Zone during the euro session, this could be a decent setup to go for a short.
However, do be aware of the after-effect from Trump's comment about the dollar being too strong, which might cause the dollar to weaken further.
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Short description
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Abstract
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Bitcoin is setting up a perfect bat harmonic pattern at an area of high resistance.
After breaking the 6,800, BTC is now touching the bottom of an important trend line (in black) that is drawn along all reaction lows from 5.4k (Nov ’17) to 6k (Feb ’18) to the lows in early April.
This trend line was broken in early June and this whole move up is a re-test of ...
PBOC Reference Rate was big surprise.
Risk off mode engaged by the markets.
Looking for two TP's, the 1.618 and 2.618 extensions of the initial impulse down.
GBPJPY pair has recently broken a support level of Fibonacci Retracement 50%. It is currently testing support at the level of 61.8% as shown in the chart. In case it broke the line of 61.8% then there is a big opportunity to keep on falling, but for a short term as the BOE is announcing interest rate decision in August. It is expected that the BOE will raise the ...
We're at the beginning of a turnaround. At the beginning of recent swings, I've noticed that prices often only made it to the 50%. In fact, they barely reached the 50%. I'm expecting something similar will happen now (if it even passes the 38.2%).
After hoping for a doble bottom that was masking a descending triangle maybe you are wondering for a support. We have one at 5800 satoshi! It is aproching very fast and 2/1 angle should still remain very close.
Which 2/1 I am talking about :) ?
Yeah, there are at least 4 parallel dynamic resistance that should trigger more and more buy, so fast your belt and good ...
Price action with trend lines, fib behavior, and recent price action give off the impression that a fall to 111.875 region is on the table for near term
EURNZD Respetando Area de reversion de precios (desde el 2010); Deberiamos Plantearnos ventas por el curso que esta formando.
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EURNZD Respecting the area of price reversal zone (since 2010); We should ...
Hey guys so this mark-up is educational showing the power of fibonacci and support / resistence levels. (Fuck My Spelling Right Now) So what I have learned over-time is that the 23.6, 38.2 & 61.8 are important levels to keep an eye on. As you can see in USDCAD I have marked the multiple times it hit these specific levels since I drew the fibo bouncing off levels. c
After the previous run up, a cool down and might need some correction. If RSI will not find support then we might see a bit downward movement on the feb lvl.
Hello folks,
We wait to see ETH coming to make a double bottom to enter safely. Watch clearly there is a trend line coming to support at double bottom as well!
The top blue box is also a support point but not as strong as the bottom blue box.
Trade wisely and smart!
Cryptocholics out, peace out
Aurora is reaching a nice extension from the previous bullish swing and is currently oversold on multiple smaller timeframes. The Stochastic has already crossed bullish at the bottom and bears are exausted.
A minor move to raise the weekly close may be seen today. If not, I will update new targets. The RSI hasn't been low very often this year so a bounce is not ...
