Placing Fibonacci Lines on MetaTrader 5
The fifth option on the MT5 software insert menu is Fib Lines. Fibonacci Lines Button has the following submenu MetaTrader 5 button keys shown below:
Fibonacci Bitcoin Trading on MetaTrader 5
Fibonacci Lines
- Bitcoin Trading Fibonacci Retracement
- Bitcoin Trading Fibonacci Time Zones
- Bitcoin Trading Fibonacci Fan
- Bitcoin Trading Fibonacci Arcs
- Bitcoin Trading Fibonacci Expansion
Bitcoin Trading Fib Retracement
The Fibonacci retracement can be placed on the a Bitcoin Trading chart from the Fibo retracement button key. Fib retracement is used to estimate where a bitcoin trading price retracement is likely to reach. The Fibonacci retracement levels are drawn as illustrated and shown below. To learn how to draw & use Fibonacci Retracement Levels read the tutorial: How to draw Fibonacci Retracement Levels:
Fib Retracement Levels Drawn on a Bitcoin Chart on the MetaTrader 5 Platform
Bitcoin Trading Fibonacci Time Zones
The Fibonacci time zones are Fibo lines drawn at different Fib timelines, these Fibonacci time zones are calculated using Fibo points 1, 2, 3, 5, 8, 13, 21, 34. The Fibonacci levels are 1+2=3, 2+3=5, 3+5=8, first number add to the next, next added to the second and so on.
The Fibonacci time zones are shown below, at these time lines bitcoin trading price changes are likely to occur based on cryptocurrency trading technical analysis of Fibonacci time zones:
Fibonacci Time Zones in MetaTrader 5
BTCUSD Trading Fibonacci Fan
The Fibonacci fan is drawn between 2 chart points and then 3 additional lines below the bitcoin trend are drawn as the fans, these are 38.20%, 50.00% & 61.8% Fibo retracement levels. The bitcoin trading price is likely to bounce and continue in the original direction after bitcoin price retraces to any of these fan lines.
The Fibonacci Fan Lines are drawn as illustrated & shown below:
Fibonacci Fans on MetaTrader 5
BTCUSD Trading Fib Arcs
Fib arcs are drawn using two chart points, the arcs are then drawn as illustrated and shown below & these arcs represent 38.2%, 50.0% & 61.8% Fib retracement levels.
Fibonacci Arcs Representing Fibonacci Retracement Zones on a Bitcoin Chart
BTCUSD Trading Fibonacci Expansion
The Fibonacci expansion is used to determine the most probable level at which traders should set their take profit levels based on Fibo expansion level 61.8% & 100.0% expansion levels. The Fibonacci expansion levels are also referred to as Fibonacci Extension Levels or Fibonacci Projection Levels by some traders & these Fibonacci Extension areas are plotted as shown below. Tutorial: How to Draw Fibonacci Expansion Levels:
How to draw Fib Lines & other Fib studies like Fibonacci Expansion and Retracement on MetaTrader 5
