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atnsarts.eth
@atnsarts.eth
Good morning ☀️ We had a dump yesterday from BTC and we had a good support level at the 0.5 of the fibonacci resulting getting back to the trendline. Today’s task is not to make 0.618 of the fibonacci level as resistance and we must break 61k Let’s see how this day will go
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Himmy 🎩🍖
@himmy.eth
Brotha what kind of trendline is that 😅 You gotta connect the wicks or the bodies of candles, not arbitrary draw it. It would me more sense to connect two wicks (including yesterdays) and say that's a trendline.
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atnsarts.eth
@atnsarts.eth
nope i draw the trendline when the trend change back from 52k also if i change it i will lose information because yesterday was a clearly breakout. Also I made past year a mistake connecting bodies because if you use big leverage you are doomed in daily chart. If you open the same at smaller tfs you can see full bodies at the trendline. But ta sometimes can be objective
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Himmy 🎩🍖
@himmy.eth
Yeah I almost never use bodies for a trendline, just wicks, but it needs to make sense to me, because trendlines can be drawn in many ways. Imo this trendline is not good and it doesn't show much. That's why I prefer level to level trading. I've longed sweep the lows are 59.1k, next level down for me is 58.1k daily level and we would still be bullish if we get there. Just my 2 cents :)
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atnsarts.eth
@atnsarts.eth
your TA almost matches mines because the prices that you said are almost the prices of the fibonacci at 0.5 and 0.382 so i longed also from there with next level for me at 57.6k
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Himmy 🎩🍖
@himmy.eth
Yeah fibonacci is a good tool! But I don't get why your fibonacci is upside down. 0.618 should below 0.5, not above? I look at it like this: If we retrace 61.8% of the move, we will be around 58k level, that means 0.618 should be at that level and not 0.382.
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atnsarts.eth
@atnsarts.eth
it is above 0.5 sorry I don’t get what you mean
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Himmy 🎩🍖
@himmy.eth
So fibonacci shows levels of retracement right? We got a move from 52k to 66k, 61.8% retracement of that move would be a bit below 58k so the fibonacci should look like this. You get what I'm saying now?
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