Bitcoin in spiral motion! Let's see how the forces dance :)
Not many traders use Fibonacci spirals, they are hard to apply and read (linear trend-lines are often much more intuitive). However spiral trends are equally valid, as any other trend linear/curved/moving averages, and can show us new data where future trend point might find support or resistance. Hope this chart will help us a bit better in understand it's evolution.
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Wooops I mean 23 of June! It's wrong in the chart.
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So how does one apply spirals? Well there is no concrete theory I think, but in general for any trend what we look for is data points on a curve or line and the more we are present the higher probability the future will also contain data points on this trend. For this chart I used the bottom and another important wick, those are my two starting points. It's also important to note that one should try to lock the price/time scale so those ratio's stay the same.
You want to try and move the center around so that the trends are supported, the fixed point is a the bottom and the other points should align the trend.
You want to try and move the center around so that the trends are supported, the fixed point is a the bottom and the other points should align the trend.
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Trend actually broke up!
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Trend is above spiral now, break above 7750 should bring us to 7900-8000