How to Draw BTCUSD Trading Fib Retracement
How Do I Use Fibonacci Retracement Indicator?
The bitcoin trading Fib retracement levels are explained below: bitcoin traders use this Fibonacci Retracement Levels cryptocurrency indicator to determine where to open a trade.
Traders use Bitcoin Trading Fib retracement tool to determine where to place a buy bitcoin trade in a crypto upward bitcoin trend and where to place a sell bitcoin trade in a crypto downward cryptocurrency trend.
How to Draw Bitcoin Trading Fib Retracement
To Draw the Bitcoin Trading Fib retracement indicator the first thing to know is that this Fibonacci Retracement tool is always drawn in direction of the cryptocurrency trend.
If the bitcoin trend is upward Fibonacci Retracement indicator is drawn upward.
If the bitcoin trend is downwards Fibonacci Retracement indicator is drawn downwards.
How to Draw Crypto Fibo Retracement - How to Draw Fibonacci Retracement
How to Draw Crypto Fibo Retracement - How to Draw Fibonacci Retracement
How to Draw Fib Crypto Technical Indicator Tool on Crypto Charts
How to Draw Fib Crypto Technical Indicator Tool on Crypto Charts
How to Draw BTCUSD Fibo Retracement in an Upward BTCUSD Trend
In the technical analysis example illustrated below of how to draw Fibonacci Retracement indicator the bitcoin trading price is moving up between chart point 1 & chart point 2 & then after chart point 2 bitcoin trading price retraces down to 50.0% Fibonacci retracement level then it continues moving up in the original bitcoin upwards trend. Note that this Fibonacci Retracement technical indicator tool is plotted from chart point 1 to chart point 2 in the direction of the bitcoin trend (Upwards Bitcoin Trend Direction).
How to Draw Fib Bitcoin Crypto Indicator in a Upward Bitcoin Trend
Technical Analysis of How to Draw Bitcoin Fibo Retracement in an Upward Bitcoin Trend
Once the bitcoin trading price got to the 50.0% Bitcoin Fib retracement level, this Fibonacci retracement level provided a lot of support for the bitcoin trading price, and afterward bitcoin trading price then resumed the original upward bitcoin trend & continued to move up.
For this technical analysis example of how to draw Fibonacci Bitcoin Retracement indicator on an upward bitcoin trend, the bitcoin trading price retracement reached the 50.0% Fibonacci retracement level, but most of the time the btcusd trading market will retrace up to 38.2% Fib 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 loss bitcoin order just below 61.8% Fibonacci retracement level.
How to Draw BTCUSD Fibo Retracement in a Downward BTCUSD Trend
In the cryptocurrency trading example illustrated below of how to draw the Fibonacci Retracement tool, the btcusd trading market bitcoin trend is moving down between chart point 1 & chart point 2, and then after chart point 2 the bitcoin trading price then retraces up to 38.2% Fibonacci retracement level then it continues moving downwards in the original downward cryptocurrency trend. Note that this Fibonacci retracement indicator is drawn from chart point 1 to chart point 2 in the direction of the Bitcoin Trend (Downward Bitcoin Trend Direction).
How to Draw Fib Crypto Indicator in a Downward Crypto Trend
Technical Analysis of How to Draw Bitcoin Fibonacci Retracement in Down Bitcoin Trend
The above Fibo Retracement technical analysis example trading setup is a Fibonacci Retracement setup where the bitcoin trading price retraces immediately after getting to the 38.2% Cryptocurrency Chart Fibo Retracement Level.
In this Bitcoin Fibo Retracement technical analysis example the retracement of the bitcoin trading price reached 38.2% Fibonacci retracement level and did not get to 50.0% Fibonacci retracement level. It is always good for cryptocurrency traders to use 38.2% Fibonacci retracement level because most times the bitcoin price retracement does not always get to 50.0% Fibo retracement level.
This 38.2% Fibonacci 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 bitcoin trend quickly moved down after retracing to this bitcoin price retracement zone.
