I think it's time to pay closer attention to The Gann Fan with Fibonacci levels.
I don't really see many people using / giving credit to the The Gann Fan so thought I might pop this up here for people to take a look at how effective this underutilised technical tool can be.
Using the low of March 2020 and the recent high of April 2021 as anchor points this chart has perfectly captured likely correction points for BTC , especially when combining with divergence points.
We can see that the past three times BTC has touched the upper level / base line (chart notes, point 4) of the Gann Fan it has rejected and to help with confirming a possible rejection the stochastics divergence indicator has printed 3 out the past 4 drops. Going back before these past three highs it's clear to see that BTC price respects critical Fibonacci points of the fan. (Refer to my chart notes, points 1,2,3 & 5).
This chart may not help with where the next BTC move is going to be but it's evident that it helps find key support and resistance levels. Hope this helps with your Bitcoin hunting!
I don't really see many people using / giving credit to the The Gann Fan so thought I might pop this up here for people to take a look at how effective this underutilised technical tool can be.
Using the low of March 2020 and the recent high of April 2021 as anchor points this chart has perfectly captured likely correction points for BTC , especially when combining with divergence points.
We can see that the past three times BTC has touched the upper level / base line (chart notes, point 4) of the Gann Fan it has rejected and to help with confirming a possible rejection the stochastics divergence indicator has printed 3 out the past 4 drops. Going back before these past three highs it's clear to see that BTC price respects critical Fibonacci points of the fan. (Refer to my chart notes, points 1,2,3 & 5).
This chart may not help with where the next BTC move is going to be but it's evident that it helps find key support and resistance levels. Hope this helps with your Bitcoin hunting!