BTC Perfect Retrace .618 Fib on the 4hr Timeframe. LONG??As BTC just Retraced on the .618 Fib, this may indicate that BTC is on a slow trend-reversal.
As it's 20 min later now after i started the first line of this Chart-reading, I see the Green candle has grown significantly already, which indicates bullish momentum.
I have set 5 Fib levels for Retracement possibilities.
I actually think i did it a bit wrong here, for it will ofcourse not retrace all the way up in 1 leg. But it may happen in a few moves/waves.
I have NOT consider EWT here so I think that also makes my Analysis not too accurate yet, but ofcourse, the 0.5 and .618 are feasible. I haven't speculated price-movements (for time-reasons) because I am thinking of starting a Funded acc fast to catch a few moves on the market! Lets see what it does!
*All fibs according to colour, 0.5-628-1 and 1.618 respectively.
I appreciate Criticism, boosts and Feedback for my learning curve.
So if you criticise, please be constructive.
**At this point it has NOT even touched the .236 level yet, which may indicate a weak bullish bounce, thus a continuation of downtrend, But as this is the 4 hour timeframe, I think we have plenty of time to make that 0.5 or 618 level possible! - I havent considered any other timeframes yet, for same reasons: I can't lose that time right now. Maybe I can make a more complete analysis later. This is all for practice and learning! 😘💖
