 | Most of the time, we see the same opinions and replies here: people should DCA, self-custody, TA is astrology, nobody knows shit about fuck, inverse Jim Cramer, buy high sell low, 100K EOY 2021, no one knows what will happen, and the list goes on. Let's do something different today: what is your unpopular crypto view or opinion? And why do you believe this? ------ My example I really believe that Fibonacci retracement levels provide crucial information on when you should start buying more or start selling. Fibonacci retracement 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%, 38.2%, 50%, 61.8% and 100%. They also provide areas of interest for new highs (common top: 4.236). They function as a kind of psychological mechanism, similar to certain moving averages. Read more here or here. I could give countless examples, but let me show a few important ones to keep it short. (1) Where did Bitcoin top? When drawn from the 2017 all time high to the 2018 bear market low, exactly at the key 4.236 Fibonacci level, so a 1.25 trillion market cap. (2) Where did Ethereum top? When drawn from the 2018 all time high to the 2018 bear market low, exactly at the key 4.236 Fibonacci level, so a 590 billion market cap. (3) What about the total market cap chart? Yeah you guessed it. 4.236. (4) Where did S&P 500 top? When drawn from the 2007 all time high to the 2009 bear market low, a little bit above the key 4.236 Fibonacci level. Made a small new high and then start the bear. And yes, you can draw these targets beforehand from a high to a low (or even vice versa). People have done this during the 2018 bear market to determine their ultimate take profit level for the next bull. As an example, for Bitcoin, from the 2021 all time high to the 2022 (temporary?) bear low, the 4.236 target becomes a 4.55 Trillion market cap. For Ethereum, the same process gives a 2.07 trillion market cap. No guarantees, of course, so I prefer to take some profits at every key retracement level and not just wait until the final boss. [link] [comments] |
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