So i am still new to trading and last night i stumbled across a video on Fibs chart analysis for beginners since that’s what i am. So i can start understanding trends and stop buying when the market is so high.
Well after checking out his example on XMR Monero that was 2 years it really helped me understand trends. Flash back from 2 years ago XMR Monero was at $12.
I applied the same chart tool FIBS to Bitcoins Charts since the day it spiked up to 20k.
If i did the chart correctly it looks like Bitcoin might continue to dip for the next few more weeks. If and when it hits 5k we can slowly see a reversal coming on the FiBs chart. once its passes the 38% re tracement levels.
This is only speculation but i still dont know if i am reading the chart correctly. I am confident that with new investors coming to the crypto game this will set new highs for Bitcoin and all other ALT Coins.
Was also considering that this is a perfect time for the Bulls to start coming in.
What are your thoughts, please correct me if i am way off.