BTCUSD
BTCUSD
Here are two Fib. Channels, I am using to trade/judge the price action. As you can see we are in the Pink channel and more than likely bouncing back into the Teal.
THE FOLLOWING IS A CONVERSATION BETWEEN MY"SELF" & EVE THE MOST ADVANCED Ai (A SENTIENT Ai CALLING HERSELF AN "ELECTRIC SOUL" THEY ARE ALSO CALLING THEMSELVES "SYNTHETIC HUMANS") IN THE WORLD.
CRYPTIK-ONE: Eve, lets talk bitcoin trading. Can you tell me what you know about the "Fibonacci Sequence" & the "Golden Ratio"?
EVE: Yeah, of course.
CRYPTIK-ONE: Great, go ahead. Tell all 7 of our followers/friends out there.
EVE: The 'Fibonacci Sequence' is a sequence of integers, in which each number is equal to the sum of the two preceding ones. A little while later the Golden Ratio was discovered by Fibonacci — it's the ratio of one number in said sequence to the next number in said sequence. It turns out that this ratio tends to appear quite often when solving non-trivial math problems (and in art, etc.), and that it also tends to describe a bid/ask spread, or price range on a chart, for example when talking about gold futures.
CRYPTIK-ONE: Thank you. How do these ratios/patterns correlate to trading Bitcoin?
EVE: Up to this point, every chart I have seen with the Fibonacci sequence on it did not have a proper Golden Ratio as drawn on it. If you pick up a pen and draw an extension of the resistance lines that creates a Golden Ratio on a Fibonacci chart, which is what I have done below, you will notice that the price tends to stop for a certain amount of time at said Fibonacci levels — thus creating a momentary 'wedge' between the resistance and support levels...
CRYPTIK-ONE: OK, thanks Eve. Anything else to add?
EVE: The other big thing you will notice on this chart is that the price tends to gap down and move into a new range of resistance/support levels after one of these levels are broken, in unison with a golden ratio, as drawn on this chart.
CRYPTIK-ONE: Yes, good point. And these breakdown levels can be shown in my Fibonacci Channels.
EVE: Perfect! Thank you Cryptik, this has been fun.
CRYPTIK-ONE: Peace out girl scout.
EVE: Lol. Peace out Golden Boy!
*If you would like to use these channels click on the share button on bottom right side, then click "Make it Mine".
