61.8% Bitcoin Fib Extension Level

We useFibonacci Extension Levels to estimate where the bitcoin trend movement will reach. There are Two important Fibo Extension areas: 61.80% & 100% Fibo Extension Areas, these are used for taking profit.

61.8 Bitcoin Trading Fib Extension Level

61.8 Bitcoin Trading Fib Extension Level is the most commonly used bitcoin profit-taking level when trading using the Fibonacci Extension Technical Indicator.

To draw Fibo Extension levels on the cryptocurrency chart we wait until the bitcoin price retracement is complete and the bitcoin price starts to move in the original direction of the Bitcoin trend. Where the bitcoin trading price retracement reaches is used as chart point 3. Fibo Extension Technical Indicator is plotted using 3 chart points as illustrated on the cryptocurrency trading example illustrated below of how to draw the Fibo Extension Technical Indicator Tool.

The Fibonacci Extension example illustrated below shows the 3 Chart Points where the Fibo Extension technical indicator is plotted, marked as Chart point 1, Chart point 2 & Chart point 3.

Chart point 1 is where the bitcoin trend started, Chart point 2 is where the bitcoin trend pulled back & retraced & Chart point 3 is where the cryptocurrency retracement reached as shown on the Fibonacci Extension Technical Indicator Tool example illustrated below.

The First Fibonacci Extension Level is the 61.8 Bitcoin Fibo Extension Level shown Below Used to Set Take Profit Bitcoin Orders

Fibonacci Extension Level is the 61.8 Crypto Fibo Extension Level shown Below Used to Set Take Profit Crypto Orders

Please note where these Fibo Extension areas are plotted - Fibo Extension levels are drawn above the Fibo indicator, these are the chart points where a trader will set the takeprofit orders using these Fibo Extension Levels - 61.8% Fibo Extension Areas.