Jump to content

The 88.6% Fib retracement.


Recommended Posts

Ex-poster Mercury used a 88.6% retracement level in his charts and I was wondering where that came from (had never encountered it before, not even in the Elliot Wave Principle book by Prechter and Frost).

This is a good article on Fibs in general and he goes into specifics about 88.6% further down.  https://www.dailyforex.com/forex-articles/2011/05/fibonacci-and-forex-ratios-and-retracements/7850

 

Personally, I have often seen 88.6% being a valid reversal point.

 

Edited by dmedin
Link to comment
15 hours ago, dmedin said:

Personally, I have often seen 88.6% being a valid reversal point.

I've seen a few people point this out before over the years, Elliott wavers and non EWTers.  To my mind it's really just near a full retracement and price is closing in on a zone where there was previous big buying (institutional) and very possibly unfilled institutional orders are still sitting waiting and so setting up for a new round of buying and a subsequent reversal.

The mechanics don't really matter so much as to know to keep an eye out.

  • Like 1
Link to comment

Its like most fib levels - misused and misunderstood - it does not have any special powers or reversal qualities - I did a manual study of fib levels back in 2010 and 2 other levels between 0-100% had more reversal turns than the infamous fib levels

Those levels were 41% which is the inverse of square root of 2 and the 50% level which is a Gann Level not anything to do with Fib 

That being said markets grow/contract with a connection to fib maths (big swings), but knowing which ratio or level in advance is 100% impossible

  • Like 1
Link to comment
  • 2 weeks later...

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Hey all, as some of you know, I've been reviewing quite a few new crypto projects lately and breaking down what they're about and the problems they aim to solve. Today, I'll be doing the same for a platform called HiveSwap. HiveSwap is a decentralized exchange operating specifically within the Bitcoin ecosystem. It utilizes the MAP Protocol to enable interoperability and facilitate seamless token swaps across Bitcoin's various layers - the base layer, layer 2 networks, and the MAP interoperability layer itself. A major selling point is HiveSwap's ability to bridge the gap and allow swaps between Bitcoin ecosystem assets and those from major EVM chains like Ethereum, BNB Chain, Polygon, and more. This cross-chain functionality is huge. The platform is also tackling liquidity issues for emerging asset classes like inscriptions and BTC-related tokens. HiveSwap provides a decentralized avenue for swapping these types of assets and creating liquidity pools, rather than being confined to centralized venues. With its robust underlying swap technology framework, HiveSwap ensures reliability and security for users contributing liquidity. It also incentivizes liquidity provision through liquidity mining rewards paid out in tokens. Overall, HiveSwap is positioning itself as the leading decentralized exchange within the Bitcoin realm. It's solving key interoperability challenges, bringing much-needed liquidity to newer assets, and leveraging proven tech for secure, trustless cross-chain/cross-layer swaps. HiveSwap is bridging multiple gaps in Bitcoin DeFi.
    • For those who love memecoins, there's an exciting new project called RUNES•X•BITCOIN that's worth checking out.    It's a meme coin developed using the Runes protocol on Bitcoin's blockchain. The "X" theme is a clever reference to Elon Musk and the idea of limitless possibilities.   But what makes it truly unique is that it's 100% decentralized and community-driven. The entire token supply was airdropped for free to anyone holding assets with the letter "X" in the name or ticker.   So if you had X domains, X NFTs, or BRC20 tokens containing X, you automatically received free RUNES•X•BITCOIN tokens. How's that for decentralized distribution?   The project has already exploded in popularity. Over 100,000 addresses now hold this Rune, making it the biggest one by that metric. And get this – the market cap skyrocketed from $2.1 million at launch to over $13 million! Insane growth. If you're looking to get involved, I heard Bitget has a series of events planned for this project, so you might want to check those out.   Some other key highlights: - The Rune code 110# seems to have a hidden meaning  - It utilizes cutting-edge Runes tech built on Bitcoin's UTXO model for fungible tokens - Fully decentralized, with no central control   RUNES•X•BITCOIN is bringing meme culture and community experience to Bitcoin in an innovative, decentralized way. While it might be considered a legitimateshitcoin, the concept and crazy early traction are certainly wild! It's definitely a project worth keeping tabs on in the BTC space.
    • I guess alot of people will be smiling rn having recieved their airdrop allocation some couple of hours ago. ANd with the pretrading price at $2, a lot of those farmers are anticipating huge cash out but let's see what the listing brings!
×
×
  • Create New...
us