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Fibonacci Projection

BTC May Be Stalling at Symmetry ResistanceBTC May Have Stalled Right at Symmetry Resistance BTCUSD may have stalled today at symmetry resistance today. The symmetry resistance is measured using a Fibonacci-style projection (called an extension on the TV tool settings). The levels derive from projections of prior counter-trend rallies since the YTD low on June 18, 2022. The first symmetry resistance lies at 22,710.95. The second symmetry resistance lies at 23,024.65. This area is right where price stalled today and pulled back significantly. Note that these two resistance levels are green-colored Fibonacci projection lines. And these two price points are highlighted with an orange circle (blue border). In short, they project the first two corrective waves off June 18 lows from the most recent low (designated by a blue arrow). This symmetry level coincides almost exactly with the top of the parallel trading channel (bear flag) in which BTC has traded since its June 18 low. The fact that price reversed here suggests that the breakout in volatility may likely be accompanied by a resumption of the larger-degree downtrend. But price must be given a chance to retest the top trendline of the bear-flag channel as well as symmetry resistance. It may even attempt a whipsaw break (i.e., a false breakout) up to the 1.272 extension, a common target when using Fibonacci projections. Those lie at the second orange circle on the chart above: 23,746.02–24,229.36. Price doesn't have to do anything we think it should, but this merely suggests a possibility of 1.272 projections being tested before the looming breakout (described in my related post below). Volatility Compression Suggests Looming Breakout Previous posts discuss potential Fibonacci targets as well as the volatility compression that has developed in BTC's price action over the past month. This volatility compression signals a likely volatility expansion. Typically, breakouts in volatility accompany breakouts in price ranges. Although many bottom-pickers may attempt to view each new downdraft as the final low, the more reliable approach is to favor trend continuation over trend reversal as the higher-probability scenario. See, e.g., The past 7 months presents an excellent example of this concept. Those favoring trend continuation at each new low in BTC or KRAKEN:ETHUSD YTD have had much more success (protecting capital, profiting from directional trades) than those expecting major trend reversal upon each corrective rally. CME:BTC1! BITSTAMP:BTCUSD COINBASE:BTCUSD KRAKEN:BTCUSD BINANCE:BTCUSDT
BITSTAMP:BTCUSDShort
by SquishTrade
1
NQ - Bear or correction?Despite the horrendous sell-off in the past week and all the negative news (omicron variant, bond tapering fear, persistent inflation), the fact remains that NQ's uptrend has not been breached and we are still only in "correction" (and not "bear") territory. Nasdaq is now at an intermediate support, which is: 1. a prior resistence turned support at A 2. 50% fib retracement of BC swing up 3. 100% fib projection of the previous AB swing down at C A worse case scenario for this "correction" is for NQ to retrace all the way to the rising longer term trendline (red) around 15300. Should this happen, then NQ could find more solid support here (which is also the 61.8% fib retracement of the BC swing). Even at this level. the correction would have been around 8.8%, similar to the last few major corrections we have been seeing this year. So my take is not to get too bearish at this juncture. The signs could be clearer after the next Fed meeting minutes on Dec 15. For now, I'll let the rising trendline speaks for itself. Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
CME_MINI:NQ1!
by Juliac
BTCUSD I see BTC going back to its ATH , and if price breaks above I see it heading up to the next fib level which is 75,525 ish- on this monthly fib circle. Price has reacted and respected all previous Fib Circle levels. My sell break and buy break areas are listed there. If it breaks my by break at 63993 it will go to the ATH at around 64,745.0 Here price will either break or reject back down to about 60k If price doesn't break 63,993 but instead breaks the sell break at 63662, then I predict price will retrace back down to 60k as well
BITFINEX:BTCUSD
by bmoney2020
4