Firstly, I'm in no position to teach anyone. The only reason i make this public is so hopefully more experienced traders can weigh in and hopefully help me if they would be so kind :). Anyways i won't really be able to describe it in a way that would really help most and i lack a lot of the verbage still, so on to what I'm seeing.
On the chart you can see the Fibonacci levels from the most recent wave up, as well as where i believe the supply and demand levels are for a longer time frame. If this were the stock market, this is where the banks are buying. For crypto they are just called whales. I'm using the most recent downwave's fibonacci levels to project where i think price will meet strong resistance, which the 3.618 level matches up with the most recent high further strengthening my view. I think bull flags will start to succeed and reach the new local high, we may dip back into the demand zone a bit. I have the stop set at what seems to be the local low. You can see on the DMI a divergence of bullish pressure to the upside and bearish divergence on bearish pressure. If we go below that level my view is negated and i think we will retest lows.
What do you think?
On the chart you can see the Fibonacci levels from the most recent wave up, as well as where i believe the supply and demand levels are for a longer time frame. If this were the stock market, this is where the banks are buying. For crypto they are just called whales. I'm using the most recent downwave's fibonacci levels to project where i think price will meet strong resistance, which the 3.618 level matches up with the most recent high further strengthening my view. I think bull flags will start to succeed and reach the new local high, we may dip back into the demand zone a bit. I have the stop set at what seems to be the local low. You can see on the DMI a divergence of bullish pressure to the upside and bearish divergence on bearish pressure. If we go below that level my view is negated and i think we will retest lows.
What do you think?