Fibonaccicircle
Sticky CirclesAn example of Fib circles exhibiting their "stickiness"
Price prefers to trend along the circle, rather than break out. Although this breakout will come, it finds it 'easier'
I'm not sure of the mathematical relationship that allows this, but it is common and I have seen it among many of charts published and during personal time
If anyone has insight please enlighten me
Two examples here the USDOLLAR and ZRXUSD
Fibonacci Circles GuideA guide for Fib circles
1 - Draw the trendline
2 - look for areas of confluence around the circle at levels for example 0.618, 1.618, 2.618, 3.618 ...
3 - Make an assessment
This is the 4Hour chart for Ethereum and isn't as reliable as using a higher timeframe, say drawing the trendlines through the entire bear market on the weekly for Ethereum would be more effective. Regardless it still serves its purpose.
This is little data for the current bull run.
This trendline drawing can be applied to any (weekly preferable) chart and assessments can be made based on the position of the price, above or below a key Fib level E.g (0.618)
Hope this helps aspiring chartists
ETH/USD Fib Circle AnalysisHere I have provided a chart which represents the support and resistance levels of Ethereum using the Fibonacci circle, as you can see it does look like we are moving into a trend reversal into an upwards pattern back towards all-time-highs.
I believe that this will continue based on the chart above. Please let me know your comments and thoughts.
I have also circled critical points where we had major price action occur with lots of buying on sharp dips.