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Normal TA VS Fibonacci TA
Normal TA
Let's do something different today as everyday you see post all about Fibonacci. Today I am going to do a comparison between Fibonnaci TA and Normal TA. To access the remaining post you can follow my Telegram Channel, it is all inside my Channel. Link is at the Bottom.
Overall prices is in a pre-breakout/breakdown type of movement. Why? Let’s look at the chart.
First, notice that there is a support trendline supporting the prices. Prices rebounded off whenever it touches the line. Thus, a higher low is forming constantly. On the other hand, there is no higher high forming. A strong resistance line is preventing prices from trending higher. Also, The Moving Average (MAs) are starting to flat out, which is a sign of ranging.
The bad news is, prices had finally brokedown from the support line recently. The scenario is getting worse on last Friday, which is a gap down red candle followed by high volume. High volume outflow at the peak is a sign of bankers leaving. Also, MA deathcross had formed on the same day.
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