Are those color bands Fibonacci cycles and do they work?
CoinMajesty
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@nagihatoum, those are Trend Based Fib Time. They indicate market momentum. Closer to red means less energy while blue, violet and pink indicate more momentum/energy. I consider them to be good as indicators for momentum and volume, but they lack certainty and it's better to use them always as a compliment of the (more useful and accurate) Fib Retracement lines.
@btcinvests, the Harmonic Pattern formation bullish breakout is the only way this trend could actually go higher.
BTCINVESTING
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@CoinMajesty, ok. why are you these opinion? do you have any further infos?
CoinMajesty
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@btcinvests, the trend needs to create a harmonic pattern in order to get to a fibonacci level. If it doesn't create a harmonic pattern, the energy of the trend will remain the same as the FIB extension/level where it's currently at, so it could actually stay sideways or even dump. With the harmonic pattern, the required energy would be released and we'd go to the next FIB level and likely continue with the uptrend up to 20k.