How to Draw Fibonacci Retracement on a Downward Bitcoin Trend
How Do I Use Fibonacci Retracement Technical Indicator on Downward Bitcoin Trend?
Traders use Bitcoin Trading Fib retracement tool to determine where to place a sell bitcoin trade in a crypto downward cryptocurrency trend.
How to Draw Fibonacci Retracement on a Downward Bitcoin Trend
To Draw the Bitcoin Trading Fib retracement indicator tool the first thing to know is that this Fibonacci Retracement indicator tool is always drawn in direction of the cryptocurrency trend.
If the bitcoin trend is downward - Fibonacci Retracement technical indicator tool is plotted downwards.
How to Draw BTCUSD Fibo Retracement in a Downwards BTCUSD Trend
In the cryptocurrency trading example illustrated below of how to draw the Bitcoin Trading Fib 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 price then retraces up to 38.2% Bitcoin Trading Fib retracement level then it continues moving downwards in the original downward cryptocurrency trend. Note that this Bitcoin Trading Fib retracement indicator is drawn from chart point 1 to chart point 2 in direction of the Bitcoin Trend (Downwards Direction).
How to Draw Fib Retracement on a Downward Crypto Trend
Technical Analysis of How to Draw Bitcoin Trading Fibo Retracement in a Down Bitcoin Trend
The above Bitcoin Trading Fib Retracement technical analysis example cryptocurrency trading setup is a Bitcoin Trading Fib Retracement setup where the bitcoin price retraces immediately after getting to the 38.2% Cryptocurrency Chart Fibo Retracement Level.
In this Bitcoin Trading Fib Retracement technical analysis example the retracement of the bitcoin price reached 38.2% Bitcoin Fibo retracement level & did not get to 50.0% Bitcoin Fib retracement level. It is always good for cryptocurrency traders to use the 38.2% Bitcoin Fibonacci retracement level because most times the bitcoin price retracement does not always get to 50.0% Bitcoin Trading Fib retracement level.
This 38.2% Bitcoin Fibo 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 bitcoin trend quickly moved down after retracing to this bitcoin price retracement area.
Guide of How to Draw Fib Crypto Technical Indicator Tool on Crypto Charts
Guide of How to Draw Fib Crypto Technical Indicator Tool on Crypto Charts
