I squared the chart added fib circles. based off this idea, today October 3rd could be a major pivot point, either longs take control and break above resistance or the bears are back in action, pulling the price downwards.
Interesting chart, just having fun with squaring, shows potential support/resistance. Think of the center of the circle as a Sun and each ring as a gravitational orbit, once price action is pushed to the left side of the star, we could see an uptrend(just an idea). If price action losses an "Orbit" then "gravity" pushes it to another ring. Can anyone apply some...
initially the setup hadn't developed yet, so I pulled from current resistance down to support, checked overhead and to the left price history for confluence with the idea, and sure enough price action is respecting them on the money. As the chart develops I will reset the fibs to what ever the larger chart pattern begins to form.
How I pull fibs
first look for retracements, then from within retracements, look for a range, a reversal pattern, support and resistance.
next, pull long fibs within the range, use volume and moving averages as your guide.
Use your long fibs to check to see if it's respecting price action.
Finally, look for entry and exit idea's, what may happen with price...
How I run my trades using house money(free crypto)
this trade is 18x in profits, 23/24 days
Whenever I get a 100% pump, I remove my initial investment
I'll watch it less and make better decisions.