How Do You Use Fibonacci Retracement Levels for Day Trading?
The Fibonacci retracement levels are explained below: traders should use this Fibonacci Retracement Levels indicator to determine where to open a trade whether a buy bitcoin trade in a up bitcoin trend and a sell bitcoin trade in a downward trend.
How Do You Use Fib Retracement Levels for Day Trading?
How Do You Use Fib Retracement Levels for Day Trading?
How Do I Use Fibonacci Retracement Levels for Day Trading? - Fibo Retracement Tool Described
How Do You Use Fib Retracement Levels for Day Trading? - Fib Retracement Tool Described
How Do I Use Bitcoin Trading Fibo Retracement?
In the technical analysis example illustrated below the bitcoin price is heading up between chart point 1 & chart point two then after chart point two it retraces down to 50.0 % retracement level then bitcoin price continues moving up in the original upwards trend. Note that this retracement indicator is plotted from point 1 to point 2 in direction of the Bitcoin trend (Up-wards Direction).
Analysis of How to Use Fibo Retracement in an Up BTCUSD Trend
Analysis of How to Use Fib Retracement in an Up BTCUSD Trend
Once the bitcoin price hit the 50.0% retracement area, this retracement level provided a lot of support for the bitcoin trading price, and afterward btcusd trading market then resumed the original upwards bitcoin trend & continued to move up.
For this technical analysis example, the bitcoin price retracement reached the 50.0% retracement area, but most of the time the btcusd trading market will retrace up to 38.2% retracement level & therefore most of the time bitcoin traders set their buy limit bitcoin orders at the 38.2% Fib retracement level, while at the same time placing a stop just below 61.8 % Fib retracement area.
How Do I Use Bitcoin Trading Fib Retracement?
In the Bitcoin Retracement Strategy Method example illustrated below the btcusd trading market is moving down between chart point 1 & chart point 2, then after chart point two the bitcoin price then retraces upto 38.2% retracement level then it continues moving downwards in the original downwards trend. Note that this retracement indicator is plotted from point 1 to point 2 in direction of the Bitcoin trend (Downwards Direction).
Analysis of How to Use Fibo Retracement in a Down BTCUSD Trend
Analysis of How to Use Fibo Retracement in a Down Bitcoin Trend
The above technical analysis examples is a retracement setup where the bitcoin price retraces immediately after touching the 38.2 % Chart Fibonacci Retracement Level.
In this technical analysis example the retracement of bitcoin price reached 38.20% retracement level & did not get to 50.0% retracement level. It is always good to use 38.20 percent retracement level because most times the bitcoin price retracement doesn't always get to 50.00 percent retracement area.
This Bitcoin Retracement level provided a lot of resistance for the bitcoin price retracement, this was the best place for a trader to set a sell limit bitcoin order as the btcusd trading market quickly headed down after hitting this bitcoin price retracement area.
