Fibonacci retracement direction is based on key points of different cycles critical areas and as we can see throughout the history price was acting accordingly.
So for btc to initialize the bullrun mode, the price must not only break above downward 1.786 line but stay above it.
Breaking below 0.618 of upward fib line is a signal to sell, because in case of bearish market, price can retrace to next fib which is 0.786.
Best case of opportunity I'm looking for is price breaking above downward 1.786 or 2 fib under condition if price is fluctuating below 0.786 upward fib colored green.
Just to separate upward and downward fibs visually for easier perception to avoid confusion.
Upward:
Downward:
Old with different config of this work which is outdated attached below:
You can see that I placed fib 1 all the way to bottom.
_______________________
For mid-term: NO LOG!
Breaking below 0.618 of upward fib line is a signal to sell, because in case of bearish market, price can retrace to next fib which is 0.786.
Best case of opportunity I'm looking for is price breaking above downward 1.786 or 2 fib under condition if price is fluctuating below 0.786 upward fib colored green.
Just to separate upward and downward fibs visually for easier perception to avoid confusion.
Upward:
Old with different config of this work which is outdated attached below:
You can see that I placed fib 1 all the way to bottom.
_______________________
For mid-term: NO LOG!
