Hello friend.... greetings !!

Fibonacci retracements are not absolutely necessary, but they can be a helpful tool for technical analysis. They can provide you with extra information that you can use to make your trading decisions. However, it is important to remember that no single indicator can predict the future with 100% accuracy, so always use multiple tools and sources of information to make the best trading decisions.

The pros of Fibonacci retracements are that they can help you identify potential turning points in the market and confirm trends. However, the cons are that they are not always accurate and they are only one tool that you can use to analyze the market. Additionally, some traders find them difficult to understand and use, so it is important to make sure you have a good understanding of how they work before you start using them.

You made good analysis of how the tools works on the STEEM USDT pair and the other cryptocurrency pair you mentioned.....

Thanks for sharing and good luck with the challenge....