Fib Extension Bitcoin Indicator Tutorial
We use Fib Extension Levels to try to project where bitcoin crypto currency trend movement will get to. There are Two crucial Fibo Extension areas: 61.80% & 100% Fib Extension Areas, these are used for taking profit.
To draw Fibo Extension levels in MT4 btcusd chart we wait til the bitcoin price retracement is complete and the bitcoin price starts to move in the original direction of the Bitcoin trend. Where the bitcoin crypto currency price pullback gets-to is used as point 3. Fibonacci Extension MetaTrader 4 Indicator is plotted using 3 chart points as shown on the cryptocurrency example illustrated below of how to draw the Fibonacci Extension Indicator MetaTrader 4 Tool.
The Fibo Extension MetaTrader 4 Indicator example illustrated below shows the 3 Chart Points where the Fibo Extension MetaTrader 4 bitcoin technical indicator is plotted, labeled as Point 1, Chart point 2 & Chart point 3.
Point 1 is where bitcoin crypto currency trend started, Point 2 is where bitcoin crypto currency trend pulled back and retraced & Chart point 3 is where the crypto retracement reached as depicted on the Fib Extension MetaTrader 4 Indicator Tool example shown below.
Fib Extension Indicator Guide
Fib Extension Cryptocurrency Indicator Guide - Fib Expansion Levels Guide
Please note where these Fibonacci Extension areas are plotted - Fibo Extension levels are drawn above the MT4 Fibonacci indicator, these are the chart areas where a trader will set the takeprofit orders using these Fibonacci Expansion Levels - 61.80% and 100.00% Fibo Extension Areas.
Upward Bitcoin Trend - Fib Extension Bitcoin Tutorial - Fibo Extension Cryptocurrency Indicator Guide - Fib Expansion Levels Guide
We use Fib Extension Levels to try to project where bitcoin crypto currency trend movement will get to. There are Two crucial Fibo Extension areas: 61.80% BTCUSD Fib Extension Level & 100% Fibonacci Extension Level, these Fib Extension Areas are used for taking profit.
On the Fibonacci Extension MT4 cryptocurrency indicator example illustrated below you can see that the Fibo Extension MetaTrader 4 technical indicator tool is plotted along the direction of the btcusd crypto trend, since the bitcoin trend is upwards - MT4 Fibo Extension indicator is plotted upward.
These Fibonacci Extension levels are shown as horizontal lines above the Fibo Extension MetaTrader 4 bitcoin indicator, showing the taking profit zones. In the cryptocurrency example shown below if you had used of 100.0% Fib Extension level the you would have made good profit from this setup.
Fib Extension Course - Fibo Extension Indicator Course
Fib Extension Crypto Indicator Course - Fibonacci Expansion Levels Guide
From the above Fibonacci Extension MT4 cryptocurrency indicator example, the upward bitcoin trend continued & both 61.80% & 100.0% Fibo Extension levels were all hit after which bitcoin price retraced again after getting to the 100.0 % Fibo Extension level.
Fib Extension Bitcoin Guide
Since we use the Fibo Extension MetaTrader 4 tool to estimate take-profit levels, how do we draw MetaTrader 4 Fibonacci Extension in a downwards trend?
We draw the Fibo Extension MetaTrader 4 tool from chart point 1 to chart point 2 to chart point 3 as illustrated on the cryptocurrency example illustrated below. Remember we always draw this Fibonacci Extension MT4 tool in direction of the cryptocurrency trend. In the Fibonacci Extension example shown below, can you figure what is the direction which we have drawn it? That's right - downward direction.
Try and identify the difference between how we have plotted Fibo Extension indicator above & how Fibonacci Extension indicator is plotted below. This time you'd also have used Fib Extension level 100.0 %, just where the bitcoin crypto price reached as shown on the crypto example shown below. That would have been a nice level for profit taking.
Fibonacci Extension Course - Fib Extension Indicator Tutorial
Fibonacci Extension Cryptocurrency Indicator Course - Fib Expansion Levels Guide
From the Fibonacci Extension MT4 crypto indicator example above, after drawing this MetaTrader 4 Fib Extension tool there are two levels that are used to show the taking profit zones, these two Fibo Extension areas are plotted as horizontal lines across the btcusd crypto price chart marked as 61.80% BTCUSD Fib Extension Level & 100% Fibo Extension Level.
