I discovered an interesting indicator today called "Bitcoin Logarithmic Growth Curves" (from quantadelic) that bears mentioning. It does a good job of finding support and resistance using Fibonacci levels without having to draw them.
Unfortunately it works only on BTC charts but it does display them well for any time frame. It also works on logarithmic charts but as expected it will create straight lines instead of curved lines.
The lines shown on this chart were drawn automatically by the indicator, so there was no user bias involved.
It's not perfect but since it takes no effort to display the Fib lines on the chart there is no way to misdraw the lines. It gives you the ability to detect strong areas of support and resistance that you may not have seen before. You can also set up alerts for any of the levels which is quite useful.
I have only been playing with it for an hour, but thought you guys might be interested at seeing what it can do. I'm adding it to my arsenal of tools. I only wish I had it sooner.
Unfortunately it works only on BTC charts but it does display them well for any time frame. It also works on logarithmic charts but as expected it will create straight lines instead of curved lines.
The lines shown on this chart were drawn automatically by the indicator, so there was no user bias involved.
It's not perfect but since it takes no effort to display the Fib lines on the chart there is no way to misdraw the lines. It gives you the ability to detect strong areas of support and resistance that you may not have seen before. You can also set up alerts for any of the levels which is quite useful.
I have only been playing with it for an hour, but thought you guys might be interested at seeing what it can do. I'm adding it to my arsenal of tools. I only wish I had it sooner.
