NickelGrasshopper

NickelGrasshopper

Here are a couple of ideas for long entries: 1. Look for some bullish relief around 5200-5300 on the daily. The 1.0 fib exts of 6/7-6/19 & 6/20-6/25 are showing confluence, so look for a reversal there. 2. For the larger trend, the 1.0 fib exts on both the W & the D charts are showing confluence in the 4800-4900 area, indicating a reversal area.

NickelGrasshopper

In a previous idea, BTCUSD-Where-will-a-retrace-happen/ , a 1.0 Fib Extension was indicating that a reversal could occur near 6250. While the price action briefly looked like the sharp beginning of a bounce, the rise was quickly overwhelmed by bearish pressure, and I think a little bit more time will completely invalidate this swing idea. So, what's next? Since...

NickelGrasshopper Updated 

Carolyn Boroden's book Fibonacci Trading has a chapter on using symmetry and fib extensions to establish a trade setup. So, let's try it on recent BTCUSD price action.

NickelGrasshopper

Carolyn Boroden's book Fibonacci Trading has a chapter on using symmetry and fib extensions to establish a trade setup. So, I'm making some notes on recent BTCUSD price action.