BTCUSD to test 5950? Another Tale of Two Fibs

Updated

There seems to have been two impulse waves down from the 8500 area.
Each impulse caused ripples that are well defined by the Fib Extension Ratios.
5,950 (about) is where important extensions of both fibs align.

Not calling that the bottom, but watching it for a good bounce.

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Caught a bit of a bounce at the Red 4.236 extension.

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Confirms validity of that Fib and its extensions going forward.

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Both fibs clearly in effect still.

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Here we are, will it hold?

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Got a wee bit of a bounce at the fibs

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Close up

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not an impressive bounce but an attempt anyway.

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Trade closed (at least 75% of position anyway)

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holding 25% to see if it breaks the 6651 fib confluence (will be difficult)

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Both Fibs still holding price captive. New fib in orange looks to be perfectly in sync.

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Closeup of the new micro Fib (orange) and how the -.618 extension lines up perfectly with original fibs

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Support/Resistance builds like tree rings.

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Nice break out. The green fib new, added from bottom at 5950

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I closed 80% of my position at the green 3.618 extension

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