What's the value of support- and resistance lines, and are Fibonacci retracement and Gann fan worth anything ?
Depends on how you apply them... in the image below you have a blue and a red line around which ETH has been crawling this afternoon - quite obvious isn't it ?
So what are they ?
The blue line is the lower line of the blue success zone of the Gann fan, into which ETH just entered from below, while the red line is the 0.5 of the Fibonacci retracement, both applied from the lowest low to the highest high this year.
Have a look at the blue arrows on the lower half of the image to, uh, see the bigger picture - I hope it's self-explaining ?
