In the connected post, I wrote about how the Fibonacci Retracement Tool could be used to predict Bitcoin's corrections. Thank you again @cdschultheis for pointing this out!
In short, here's how to read this chart
Note: Always draw on your own chart, and ALWAYS look for candlestick confirmation and that the candlestick CLOSES!
You're welcome to repost and share this analysis with credit due!
Learn to trade at www.sixfigurecapital.com/12.html
Click the chart below to watch BTC hit the retracement twice!
In short, here's how to read this chart
- When Bitcoin grows, it has no future support and resistance, so we're using the Fib tool to draw it
- Price has a good probability of hitting a line we've drawn and bouncing down
- If price shoots through the line we've drawn, we ignore it - We're looking for candlestick confirmation
- Once we have a significant trend, we can redraw the pattern as we did in the post!
Note: Always draw on your own chart, and ALWAYS look for candlestick confirmation and that the candlestick CLOSES!
You're welcome to repost and share this analysis with credit due!
Learn to trade at www.sixfigurecapital.com/12.html
Click the chart below to watch BTC hit the retracement twice!
