Updated: "Bitcoin Scheme IV" adjusted to fib channel
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Zoom in to see the short-term structure in details.
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Touching the upper line of the narrow channel. It's a good chance for a correction OR sidetrend.
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Be aware of the fact that the current price ($6900) is on 0.382 level of fib channel retracement parallel rays facing down. As the price touches them, each level is designed to transmit a reversal signal up to red ray as the maximum possible price of rollback in accordance with the fractal configuration of the initiating wave.
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Fib 21 price sequence turned out to carry heavy resistance
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similar behaviour at top
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Getting closer to the point of breaking the trendline
Could you break this down for say in laymans term? Apologies for my ignorance
Movali123
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The bits i'm not fully understanding is its currently on the parallel line fib levels, when you say at these points it signals a reversal. Wheres the red ray or in which direction is this to move when hitting these parallel fib zones
fract
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@Movali123, Observe the ATH point and you’ll see the red ray