Why did BIT hit 21.5 today ? - FIB ratios, page-16

Good post hopefully many will heed your kind advice and try and learn something though it’s hard and takes a few years or months of you really want to study it (download incredible charts for free and play with the Fibonacci retrace tool for practise on the chart)

You also need to add the importance of historical resistance points on charts to this mix
The stock was a clear flagpole set up on the initial run once it decided it was going up (there were no red one hour candles after first retrace really) so showed direction

The flagpole target matched almost exactly the historical resistance of 26 cents from several years back so was obviously going there
There were a lot of pros on this so they went with the psychology play and then took it to the next historical resistance of 44.5

Once the stock hit that number it has “done its work” as such and became a major short as opposed to a long (especially also as the chart shows a history of ugly spikes from these highs)
When a stock goes from 2c to 45 c odd it is in no way shape or form a long at the top when it has hit an area of important resistance on a chart so the pros then swap over to make the money on the way down

You are playing with pros on both sides of trades like this the market has been quiet for months so it’s extra ferocious as traders have been bored and also not making that much money as in past years