Utilizing Fibonacci Retracement for Market Analysis

In my daily time frame analysis, I employ Fibonacci retracement due to its accuracy and reduced market noise. Historically, Fibonacci levels have demonstrated significant respect in price movements. Notably, a level that once acted as support transitioned into resistance before being breached upwards. Currently, the market is honoring this area, indicating a potential continuation of the bullish trend.

Upon confirmation on this time frame, I will proceed with entering a position, confident in the reliability of this technical indicator and its historical performance.