I think it is a bit of a stretch to run the Fibonacci retracement tool all the way back to September, but it does begin a long upward trend from that point and the price bounced off the 61.8 retracement line almost perfectly based on this chart.
I am not sure if you can see it by scrolling back in my chart but I did the exact same thing for July 2017, and the chart looks nearly identical, but not as nasty of a drop compared to Fib. and moving averages.
評論
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I am still learning how to use these tools. I am novice, but studying hard. Although I am learning what makes the analysis work, I may still be blind to red flags that would cause the analysis to fail. I am always open to constructive criticism, conversation, confirmation and links to videos that would help me understand the charts better!
Large timeline or short, FIB Extended Retracement fundamentally works the same. Problem is we haven't bounce out of this structure yet to show you the true bottom (assuming it's 8k). Also, I would run more lines for consensus trend lines
RickSmash
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@roaken, Thanks, I appreciate the input as I'm just learning how to use these tools. Genuinely curious as to why you're assuming 8k is the bottom. Are you saying that if I would have used more support and resistance lines, as well as trend lines, I would have some converging trends at 8k?
A_Cryptastic_Mind
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Indeed, I made a similar analysis :) so I agree ;-)