 | “TA is astrology for men!” is the comment I have gotten here over the past years because most people believe that technical analysis (TA) is astrology. I aim to satisfy the TA is astrology crowd with some proper astrology for men by analyzing the The Moon, which is the first milestone on the road to the stars. Yes, I am talking about our beloved Moons governance token that has no value. Background information: What are Fibonacci levels? I will provide some astrology using Fibonacci levels. Fibonacci levels are horizontal lines that indicate areas of potential support or resistance in the price movement of an asset, based on the Fibonacci sequence (math). These levels are derived from calculating the ratio of the high and low points on a chart and marking the key Fibonacci ratios of 23.6% (0.236), 38.2% (9.382), 50% (0.50), 61.8% (0.618) and 100%. They also provide areas of interest for new highs. Common (local) tops are 1.618, 2.618, 3.618, and 4.236. Note that the Fibonacci sequence is also very common in nature. Google it and be amazed. (1) Moons recent local high: Rejected at the 1.618 Fibonacci level at $0.36When the Fibonacci level is drawn from the September 2022 high to the January 2023 low (both indicated with blue circles), the resistance we hit was the 1.618 target at $0.36 (red box). This is a common level to get rejected. I checked the order book at that time and there were several large sells at that exact level, presumably because these sellers also used Fibonacci levels. (2) Identifying a possible Moons bottom – Support at the .786 Fibonacci level at $0.135?If we use this tool to find where the botton might be and use the January low and the March high as key points (blue circles), it becomes apparent that we are now at the last support level, the 0.786 at $0.135. We hit that and bounced from it so far (green box). From a Fibonacci perspective either this 0.786 level holds, or we are absolutely screwed and go all the way back to the 1 fib low at $0.07. By the way, look at this chart and see how the price action adheres to the fib levels. Isnt that interesting? Would finding support at the .786 level make sense? Perhaps, this level was the key support during this bear for ...
Another good reason for $0.135 to be the bottom becomes apparent on the weekly timeframe, as $0.13 is the level that was resistance from September 2022 to January 2023. We got a beautiful Tower of Khalifa pattern going here too lol. A bounce would confirm this as support.
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