The reality is that no chart analysis strategy is perfect, which applies to the Fibonacci retracement theory. It may not work when it comes to cryptocurrencies. For example, if we don’t see the emergence of a swing low or a swing high - there is nothing on which to base the degree of swing. It is also up to the trader to spot these swing lows and swing highs because sometimes there can be a temptation to “see what you want to see” instead of seeing the real picture. Emotion is often the nemesis of traders!