This is a 1-hour chart of BTCUSD on Bitstamp.
From the high this past July to the current price, it is clear that price is pivoting back and forth between key levels.
Those key levels are:
- 0.382
- 0.5 (not a Fib level but still a useful level of support/resistance)
- 0.618
- 0.786
- 0.886
From the Fib off of the high around $13.9K to the low around $9K, we see clustering around the following levels:
- 0.382
- 0.618
From the Fib off of the low around $9K to the high around $12K, we see clustering around the following levels:
- 0.786
- 0.886
From the Fib off of the high around $12K to the low around $9.3K, we see clustering around the following levels:
- 0.5
- 0.382
I think it's paramount to study and trade off of levels.
Use levels along with price action, market structure, volume, and location.
Otherwise, if you just rely on indicators, you are simply guessing where price could go. Indicators tell you about the PAST.
It's time to get smarter with our trades.
From the high this past July to the current price, it is clear that price is pivoting back and forth between key levels.
Those key levels are:
- 0.382
- 0.5 (not a Fib level but still a useful level of support/resistance)
- 0.618
- 0.786
- 0.886
From the Fib off of the high around $13.9K to the low around $9K, we see clustering around the following levels:
- 0.382
- 0.618
From the Fib off of the low around $9K to the high around $12K, we see clustering around the following levels:
- 0.786
- 0.886
From the Fib off of the high around $12K to the low around $9.3K, we see clustering around the following levels:
- 0.5
- 0.382
I think it's paramount to study and trade off of levels.
Use levels along with price action, market structure, volume, and location.
Otherwise, if you just rely on indicators, you are simply guessing where price could go. Indicators tell you about the PAST.
It's time to get smarter with our trades.
