BTC/USD Fibonacci *fractal* idea
Updated
Good afternoon!
This is my first TA, originally drawn on coinigy and slapped together kind of messy on tradingview.
The idea I had was to apply fib levels to the fractal idea that Edward Morra had published.
I drew the wedge, then fib levels for the recent fractals 0-1, and extrapolated targets. Seeing the upper small wedge "break out" made me think this break out may also form another larger wedge, so I drew the ATH trendline down, and it lined up perfectly with the fractal fib targets, which is kind of freaky. Arrows in blue are possible targets, other arrows are just murkier possibilities based on fib resistance or break through resistance, which happens to be the ATH trend line. of course, anything can happen. BTC could break out of this wedge early to test ATH trendline again. Who knows. But these fractals seem accurate so far.
I have no idea if I'm even applying fib correctly here, so all coments welcome.
And no, these fractals were not my idea. Credit to Edward Morra for that, I just drew some meme lines based on his work.
Thanks!
This is my first TA, originally drawn on coinigy and slapped together kind of messy on tradingview.
The idea I had was to apply fib levels to the fractal idea that Edward Morra had published.
I drew the wedge, then fib levels for the recent fractals 0-1, and extrapolated targets. Seeing the upper small wedge "break out" made me think this break out may also form another larger wedge, so I drew the ATH trendline down, and it lined up perfectly with the fractal fib targets, which is kind of freaky. Arrows in blue are possible targets, other arrows are just murkier possibilities based on fib resistance or break through resistance, which happens to be the ATH trend line. of course, anything can happen. BTC could break out of this wedge early to test ATH trendline again. Who knows. But these fractals seem accurate so far.
I have no idea if I'm even applying fib correctly here, so all coments welcome.
And no, these fractals were not my idea. Credit to Edward Morra for that, I just drew some meme lines based on his work.
Thanks!
Note
just now Btc is doing something wholly unsurprising, pumping by 100-150$ in single 5 minute candles. Or a lot more from 6550-6850.
Seems to happen a lot, right at crucial moments. My personal opinion is people with long positions who don't want to get liquidated have money to pump it. Just enough for some short squeezes. I'm personally staying cautious and waiting for week to close or break out of wedge to further assess. Would be nice to have this bear over with though =)
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