BTC possible reversal from uptrend: retracement downtrend

Long term, up.
Short term, down to Fibonacci 127% or 161.8% extension

Commentaire:

Traders Dynamic Index Indicator Alert v0.1 by JustUncleL, on realtime chart shows Red & Green move down to bounce on third line I placed on TDI indicator window & reversed up, as if a continuation of overall trend.
This allows for a Fibonacci retracement to be placed:
A (0.00%) on low swing of 890,
B (100.00%) high swing of 1004.
From there see it as a retracement/pullback, & I see higher timeframe shows continuation signal up until it may again be considered overbought;
By using the Fibonacci tool, and placed it new, I can expect, that as a continuation, as described by the TDI indicator) it will lead to new 127.20% ($1,035) or 161.8% ($1,075)

Commentaire:

Specifically, price retraced to Fibonacci level of 61.8% (0.618) and continued up.
{Foreseeing (127.20%) $1,035, or (161.8%) $1,075]
As sequence follows: 61.8% to 161.8%, & sometimes is rejected near 127.20%.

Trade fermée: ordre d’arrêt atteint:

Did not fall below Fibonacci retracement level 78.6%.
Price action pull-back at 50% but still continued uptrend, rather than the theorized reversal and appears to be an uptrend retracement.
78.6% would have been a better set entry (or 100%) once it was bounced off 50% I am suggesting to myself for future set-ups.