Good evening traders! Tonight I am sharing with you the importance of the 65% retracement level. You can see by the charts I have shown that are Bitcoin & Gold, topped at both the same retracement level. Now this could be temporary, but based on the reaction we have seen, we can take an educated guess that this was a topping point. I had previously posted a gold chart thinking the fifth wave was in, but I guess this was it. We can also see the effect confluence has on a price, because in both Bitcoin & Gold, confluence was found at the .618-.65 which I have marked with a red circle. Some may say the current events of Iran and USA were to blame for Gold's quick rally, which may be true, but it shows how technicals still hold power over a market worth trillions.
Previous gold analysis ~ www.tradingview.com/...t-In-Depth-Analysis/
I hope I made good use of your time today!
That will conclude this Bitcoin & Gold analysis.
As always friends, I wish you good luck trading!
And thank you for supporting me.
-Trader Demo
Previous gold analysis ~ www.tradingview.com/...t-In-Depth-Analysis/
I hope I made good use of your time today!
That will conclude this Bitcoin & Gold analysis.
As always friends, I wish you good luck trading!
And thank you for supporting me.
-Trader Demo