Hey folks,
Been diving deeper into Fibonacci sequences and their application beyond just standard retracement levels. I'm particularly interested in how the Golden Ratio (approximately 1.618) might be used more proactively in identifying potential turning points or extensions in crypto markets, especially on longer timeframes for major coins like BTC and ETH.
I know we all use Fib retracements and extensions, but I'm thinking more about using the ratio itself to set targets or even potential entry zones based on prior impulse moves. For example, if a coin makes a significant move up, could the 1.618 extension of that move act as a strong resistance, or conversely, could a pullback to a level related to the inverse (0.618) signal a good buying opportunity?
I've been experimenting with drawing lines based on the ratio itself, not just the standard Fib levels. It feels a bit more 'out there' than typical TA, but the mathematical basis is intriguing. Has anyone had success incorporating the pure Golden Ratio, or perhaps other less common Fibonacci relationships (like 2.618, 4.236), into their trading strategies? I'd love to hear about your experiences, any specific indicators you pair it with, or even if you think it's just numerology applied to charts.
Looking forward to the discussion!