The fib study;
#1 - the fib of the entire bull move.
#2- Fib of the last wave before the ATH was made.
#3- Fib of the bear move from the ATH to the swing low.
Fib #3 - Price has hit the 127% extension from the ATH and the 1st corrective wave. I have drawn this from the failed high where the capitulation of BTC began.
We are also at support on a .
I have redrawn a to contain the move in the event that price does stall here it will make sense in retrospect.
I am waiting for a HIgher high and then a higher low from this point as it's worth a shot long. See the hourly forecast.
I will watch on the hourly to take my trade.
Trade at your own risk - these are just my ideas and plans.
"I draw a fib from the swing low to the swing high on the 4hr or 60min then wait for a retracement and trade it long -placing my stop 1 point under the swing low."
I understand what you mean by the swing low (6012) and the swing high (6962) on the 1hr chart and then waiting for the retracement (6418). I also understand the trading strategy with the stop. However, how does the FIB line you draw in this help and influence you?