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