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Fibonacci Extension

HEX back to ATH for Christmas 2023? Could be!I've got a feeling... So, my call for Hex's bottom got a bit messed up as TV decided to re-generate the chart or something. That means my previous charts won't load, but my bottom target box was hit (check the related chart), and we've seen some nice moves since then. With Richard Heart's ETH-Fork Pulse Chain launch looking like it's just around the corner, there's a bit of a fundamental twist to my analysis. But getting back to all-time highs is just what good crypto projects do, right? Why Christmas? Well, bull markets often have a wild festive period, even if they keep climbing later on. So, I thought, 'Why not? It's got a fun vibe to it.' Now, the waves might not play out exactly as shown, but something along those lines seems likely. I've always relied on Fibonacci extensions for targets, and they usually match up well with previous levels when you look back. Good luck and have fun out there!
Long
by PhilHumphreys
$CADJPY Can Rise #CADJPYCADJPY has a similar pattern as USDJPY. Please see the attached USDJPY analysis: Please support this analysis by liking and sharing. 👍🙂 Rules: 1. Never trade too much 2. Never trade without a confirmation 3. Never rely on signals, do your own analysis and research too ✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums. ✅ Follow me for future ideas, trade setups, and updates on this analysis ✅ Don't hesitate to share your ideas, comments, opinions, and questions. Take care and trade well -Vik ____________________________________________________ 📌 DISCLAIMER The content of this analysis is subject to change at any time without notice and is provided for the sole purpose of education only. Not financial advice or signal. Please make your own independent investment decisions. ____________________________________________________
by vikinsa
BNB/USDT 1DInterval Resistance and SupportHello everyone, let's look at the BNB to USDT chart on a single day timeframe. As you can see, the price is moving below the local downtrend line. Let's start with the support line and as you can see the first support at which the price is currently located is $ 324.8, if the support is broken then the next support is $ 318.8, $ 310.4 and $ 299.1. Now let's move on to the resistance line, as you can see the first resistance is $ 328.2, if you manage to break it, the next resistance will be $ 332.4, $ 336.3 and $ 342.6. Looking at the CHOP indicator, we see that there is a lot of energy for the upcoming move, the MACD indicates an ongoing downtrend, while the RSI is moving around the middle of the range, which makes it difficult to clearly determine the direction of the price.
by cryptodailyuk
Bitcoin - Final pump to 32k before a crash to 15k! Bitcoin may be ready for a final impulse wave to the upside before it collapses to 15k! On the chart, we can see an ending diagonal wedge pattern (3-3-3-3-3), which is why we could finish it at around 32k-33k. This will be your lifetime opportunity to short Bitcoin and ride the massive bear market that will follow! Do not buy any altcoins or Ethereum because it's totally dead and only Bitcoin may pump to new highs. The 0.382 FIB extension is right above the previous wave 3. This is a very strong level because it's the inverse of the 0.618 FIB, and usually Bitcoin reacts to it. This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately. I am of course very bearish for Q3 2023 and Q4 2023. As you know, I expect a big crash to 15k, but this could be the final uptrend to 32k. Right now I am out of the market and do not have any open positions, but I am going to open a short at the top of the wedge / 0.382 FIB extension. I am already prepared for the bear market, so it is better to stay in USDT, sell spot positions, and trade futures. If you think this is a reasonable Elliott Wave count, you can go to intraday charts and find some longs. Also, if you are already in a short position on futures, you can open a temporary hedge to protect yourself from this final wave. I do not trust this pump from 19k, because it shows a lot of signs of weakness, such as ABC waves. This analysis is my bullish scenario because I have always prepared bearish and bullish scenarios. Take my Elliott Wave count into consideration for your trading. Thank you, and for more ideas, hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
215
Daily BTC 4HChart - resistance and supportHello everyone, I invite you to review the current situation of BTC in pair USDT taking into account the interval of four hours. First, we will use the blue lines to mark the uptrend channel from which the price went down, as we can see currently, despite the rapid rebound, it failed to maintain the level above the local downtrend line. Now we can move on to marking the places of support in case of returning to the correction. And here we first have support at $ 28459, then we have support at $ 27978, third support at $ 27498, and then a strong support where price rebounded multiple times at $ 26818. Looking the other way, in a similar way using the Fib Retracement tool, we can determine the places of resistance. First, we will mark a strong resistance zone from $ 29232 to $ 29744, when we manage to break it, we have another very strong resistance at $ 30518, and then the third at $ 31511, only when we manage to break it and positively test the price will paved the way for further growth. It is worth looking at the EMA Cross 10 and 30, which indicate an uptrend, it is worth watching if the red line of the EMA Cross 10 does not start turning back, which could indicate a change in the trend. Please pay attention to the CHOP index which indicates that the energy is being collected, the MACD indicator indicates that we are on the verge of returning to a downtrend, while the RSI shows that the rapid price increase caused the indicator to overheat, which ended with an equally rapid rebound, but now we are moving in the upper part, so care should be taken before the next release.
by cryptodailyuk
3
BNB/USDT 4HInterval Resistance and SupportHello everyone, let's look at the BNB to USDT chart on a 4-hour time frame. As you can see, the price is moving on the edge of the uptrend line. Let's start with setting the support line and as you can see, we have the first support at $318.6 at which the price rebounded, if the support is broken then the next support is $310.2, and then the third support is $299.3. Now let's move on to the resistance line, as you can see the first resistance is $323.4, if you manage to break it, the next resistance will be $328.3, $332.5 and $336.7. Looking at the CHOP indicator, we see that most of the energy has been used, the MACD indicates the continuation of the downward trend, while the RSI shows a strong rebound and we are approaching the lower limit, which may stop the declines.
by cryptodailyuk
BNB/USDT 1DInterval Resistance and SupportHello everyone, I invite you to review the chart of BNB in pair to USDT, on a one-day timeframe. First, we will use the blue lines to mark the uptrend channel in which the price is moving. Going further, we can move on to marking the places of support in the situation of returning to the correction. And here, the first support is at $ 320, the second support is at $ 300.2, the third support is at $ 284.8, and then we have strong support at $ 269.4. Looking the other way, we see that the price is testing the resistance area at $ 330.2. If it is successfully tested, the price may move towards the resistance at $ 359.6 and further to the resistance around $ 398.6. Please look at the CHOP index, which indicates that we have a lot of energy for the upcoming move, MACD indicates that we are moving in a downtrend, while the RSI, despite the recent rebound, remains at the upper end of the range, which may lead to a price correction.
by cryptodailyuk
How to Use Fibonacci ExtensionsHave you ever noticed that market movements often seem to occur in repeatable patterns? Well, that’s where Fibonacci extensions come into play. Join us in this article as we dive into the world of Fibonacci extensions and discover how they can be a strong addition to your trading arsenal. A Primer on Fibonacci Ratios Fibonacci ratios are derived from the Fibonacci sequence, where each number is the sum of the two preceding numbers. The sequence begins with 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, and so on. The primary Fibonacci ratio of 1.618, sometimes called the Golden Ratio, is found by dividing one number by the previous. 34 divided by 21, for example, roughly equals 1.619. As the sequence progresses, the ratio becomes more precise and closer to 1.618. Dividing a number by the next, such as if we divide 13 by 21, will give us a ratio of 0.618 (0.619 in the case of 13/21), also commonly used in Fibonacci retracements. Further calculations produce the Fibonacci extension levels we’re interested in: 1, 1.382, 2, 2.618, and 4.236. In trading, they’re typically expressed as percentages, like 100%, 138.2%, 200%, 261.8%, and 423.6%. What are Fibonacci Extensions? Fibonacci extensions (also known as Fibonacci expansions or Fib extensions) are a technical analysis tool that allows traders to determine potential levels of support and resistance for an asset’s price. Like regular support and resistance levels, they should be considered as areas of interest rather than where price will turn with pinpoint precision. They’re most frequently used to set profit targets, although they can also be used to find entries. Fibonacci extensions can be applied to any market, including forex, commodities, stocks, cryptocurrencies*, and more, and work across all timeframes. While not foolproof, using the Fibonacci extension tool combined with other forms of technical analysis can be an effective way to spot potential reversal points in financial markets. Fibonacci Retracements vs Extensions Both Fibonacci retracements and extensions are based on the Fibonacci sequence and the Golden Ratio, but they are used to measure different things in the market. Fibonacci retracements show support and resistance levels during a pullback from a larger move. On the other hand, Fibonacci extensions measure the potential levels of support and resistance for an asset's price after a pullback has occurred. As shown in the chart above, the Fibonacci retracement tool can be applied to identify where price may pull back to – 50% in this scenario. Then, the Fibonacci extension tool is used to plot where price could end up beyond this pullback. The 100% and 161.8% levels posed significant resistance, causing the price to reverse. It’s easy to see how both tools can be used in conjunction to build an effective strategy. Generally speaking, traders tend to enter on a pullback to one of the key retracement levels, then take profits at the extension levels. However, either tool can be used to find areas suitable for entries and exits. Fib Extensions: How to Use If you’re wondering how to use Fib extensions in your own trading, here are the steps you need to follow. 1. Click to set the first point at a major swing low if expecting bullishness or swing high if expecting bearishness. Using the Magnet mode on TickTrader may help you set it with precision. 2. Place the second point at a swing in the opposite direction. 3. Put the third point at the low of the pullback if a bullish move is expected or the high if a bearish move is expected. That’s it! You now have an idea of where price may reverse as the trend progresses, allowing you to set profit targets or plan entries. You can also double-click the tool to adjust it to your preferences, like removing certain levels and changing colours. Bullish Example In this example, we have a swing low (1) followed by a swing high (2) that makes a retracement (3). These three points are all we need to plot a Fibonacci extension. Notice that the 138.2% level didn’t hold, showing that price isn’t always guaranteed to reverse in these areas. However, the wicks and sustained moves lower at the 100% and 161.8% areas gave traders confirmation that a reversal might be inbound. Bearish Example Here, we can see that each of the three areas prompted a pullback. Some traders might not consider the 138.2% area valid to trade since it never fully hit the level. However, the easiest way to get around this is to look for confirmation with a break of the trend, as denoted by the first dotted line. Once price gets beyond that swing high (intermittently breaking the downtrend), traders have confirmation that what they’re looking at is likely the start of a reversal. Some traders subscribe to the belief that if price closes beyond a level, it’ll continue progressing to the next area. While this can sometimes be the case, it can just as easily reverse. Here, price briefly closed below the 161.8% level before continuing much higher. Making the Most of Fibonacci Extensions By now, you may have a decent understanding of what Fib extensions are and how to use them. But how do you make the most out of Fibonacci extensions? Here are two tips to maximise your chances of success. 1. Look for confirmation: Instead of blindly setting orders at extension levels, you can look for price action confirmation that price is starting to reverse at the area before taking profits or entering a position. You could do this by looking for breaks in the trend, as discussed in the example above. 2. Find confluence: Similarly, you can use other technical analysis tools like trendlines, indicators like moving averages, or even multiple Fibonacci extensions, to give you a better idea of how price will likely react at a level. Your Next Steps Now, it’s time to put your understanding to the test. Spend some time practising how to use Fibonacci extensions and try backtesting a few setups to see how you could’ve gotten involved in a trade. Once you feel you have a solid strategy, you can open an FXOpen account to start using your skills in the live market. In the meantime, why not try exploring other Fibonacci-related concepts, like Fibonacci retracements and harmonic patterns ? *At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients. This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, solicitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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Education
by FXOpen
7
MATIC/USDT 1DInterval ReviewHello everyone, let's look at the MATIC to USDT chart on a one-day time frame. As you can see, the price is holding just above the uptrend line. Let's start with the support line and as you can see the first support in the near future is $0.95, if the support is broken then the next support is $0.80, $0.58 and $0.31. Now let's move to the resistance line, as you can see, the first resistance is $1.03, if the price breaks it, the next resistance will be $1.20, $1.43 and $1.75. Looking at the CHOP indicator, we see that most of the energy has been used, the MACD indicates entering a downtrend, however, we see a strong rebound on the RSI, which may indicate that the support point on the trend line may end the correction.
M
by cryptodailyuk
DOT/USDT 1D ReviewHello everyone, let's look at the DOT to USDT chart on a one-day time frame. As you can see, the price remains above the uptrend line. Let's start by drawing a support line. And as you can see, the price is in front of a very strong support at the so-called golden point Fib Retracement equal to $ 5.63, if the support is broken then the next support is $ 5.02 and $ 4.22. Now let's move on to the resistances that the price has to overcome. First, we have a very strong resistance zone from $6.23 to $6.54, when we manage to break it, the second resistance is $6.85, the third at $7.32 and then the fourth at $7.90. Looking at the CHOP indicator, we see that there is still some energy left, the MACD indicates a downtrend, however, the RSI is approaching the lower limit, which may indicate the approaching end of the correction.
by cryptodailyuk
HOW TO USE FIBONACCI LIKE A PRO #part1Hi there! Bolu here The Fibonacci tool is one of the most popular tools on trading view and many traders use Fibonacci on their charts. FIBS are a major part of my trading system as you can see on this chart, i use it all the time, as I have to know what structure is saying on major and minor structure to aid my analysis and entry/exit confirmations. I will be sharing how I use my FIBONACCI tool in this post and you can take some notes and add to your trading plan if you want. BASICS OF FIBONACCI In mathematics, the Fibonacci sequence is a sequence in which each number is the sum of the two preceding ones. Numbers that are part of the Fibonacci sequence are known as Fibonacci numbers, commonly denoted Fn . The sequence commonly starts from 0 and 1, although some authors start the sequence from 1 and 1 or sometimes (as did Fibonacci) from 1 and 2. Starting from 0 and 1, the first few values in the sequence are: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144. The history of Fibonacci is all over the internet. My Job here is to show you how it can be used to your trading advantage. I majorly use the FIB retracement & FIB extension tool. Trading-view provides a whole lot of other types of FIBs, but they are not a part of my trading system, so i only focus on what is relevant to my Trading plan by keeping it simple. HOW TO USE THE FIBS It is imperative to understand that Fibonacci retracement is a tool used to measure the retrace of a counter trend based on the current trend.​e.g, After a downtrend formation, how far the correction would go would be measured with the FIBs​. while the Fibonacci extension tool is used to measure the 'length' of the continuation of that trend and is mostly used as Take profit levels IT CAN ONLY BE USED IN A TRENDING MARKET.​ You need a valid Uptrend point or Downtrend point to draw out your FIBd] Drawing out FIBs on the chart is a 3step process STEPS TO DRAW FIBS STEP 1 : SPOT A VALID BOS. STEP 2 : IDENTIFY POINT A – POINT B OF THE IMPULSE MOVE . STEP 3: DRAG FIB FROM THE HIGH TO THE LOW / LOW TO THE HIGH ​. I changed the default settings that the FIBS came with on Trading-view and replace the numbers and colors. Each FIB Percentage level means something unique on the charts and that helps with understanding what the trend is doing. The retracement levels are used to see how strong the pullback phase is. Understanding the strength of the pullback is one of the most important things to know in the trend . I will probably make another post on 'Trend strength Analysis'..., You can put it in the comments if you would like to study it with me. Now, back to our FIBs. Every FIB level is uniquely important and useful. The FIB Level that aligns with a key level of structure is ​High Probability. In the Part 2 of this post, i would share the 'secret sauce' of the FIB retracement levels and how they can be used in both Major and Minor Structure.
Education
by knowledgeforskills
BTC | AIM 32K! So, imagine you're a sniper, carefully eyeing your target through your scope. Suddenly, you notice something strange - the movements of your target seem to be following a pattern! You take a closer look and realize it's the Fibonacci sequence! As any savvy sniper knows, Fibonacci retracements can be a handy tool in trading. So you whip out your Fibonacci tool (which, for the record, looks a lot like a ruler with some fancy numbers on it), and start drawing your lines. You carefully calculate your entry and exit points, making sure to account for all the Fibonacci levels. And then, just as you're about to pull the trigger (on your trade, of course), your target moves - just like the sequence predicted! You adjust your aim slightly, recalculating your Fibonacci levels on the fly. And then, with a steady hand and a calm mind, you take the shot. The market reacts with a satisfying ka-ching, and you walk away with a tidy profit. As you pack up your gear and head off into the sunset, you can't help but think: "Sniping is all about precision and timing - just like trading with Fibonacci retracements!
Long
by xuk1
5