Bitcoin price broke above its high, and after that, took off another $5, The reason why the level was so critical to confirming a reversal back into a bull market, was due to the resistance residing at the golden ratio – based on the Fibonacci . Oct 08, · Leonardo Bonacci, nicknamed Fibonacci, was an Italian mathematician born into a humble family of traders back in Amongst being a brilliant mathematician, Leonardo was an Author: Crypto Account Builders. Fibonacci Retracement Levels – Bitcoin and Altcoin Trading A Tool For Price Target Estimations in Crypto Trading One of the most important tools for analyzing charts are the famous Fibonacci levels. Pretty much every trader .
Fibonacci trading btcBTC/USD Fibonacci Analysis for BITSTAMP:BTCUSD by T_V_TreeTrader — TradingView
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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. All Rights Reserved. Advertise Submit a Press Release. Home Technical analysis BTC. Reading Time: 3min read.
Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now! Tweet Share. Could you be next big winner? Tony Spilotro I'm Tony Spilotro. Related Posts. Premium Partners. Top Brokers. Top Casinos. Top Sportsbooks. Press Releases. So we know that the Golden Ratio number is 1. In order to predict future price targets or reversal points in an uptrend, we must first identify 3 areas; 1 A swing low 2 a new swing high, and 3 a new swing low. Conversely, if you wish to predict future points in a downtrend, you would look for the opposite swing levels swing highs instead of swing lows, etc.
In order to get the best results, you want to look out for strong impulse movements with clear pullbacks. How the Fib Extn tool works, is it works out the Fibonacci numbers between the old swing low and the new swing high and projects them from the new swing low point. By doing so we can see that Bitcoin BTC has already begun consolidating around the 0.
Alternatively, if BTC starts to correct then we should look at the 0. In the example here, we can see that by connecting the major swing points that took place between July and September last year prior to the November bear market, the resulting 1. We can also see that the 0. It should be noted that while these levels work well in many cases, the Fibonacci extension tool should not be used in isolation.
Other signallers such as momentum oscillators, volume profile indicators, and money flow indexes should also supplement your analyses. The views and opinions of the writer should not be misconstrued as financial advice. For disclosure, the writer holds Bitcoin at the time of writing. Could you be next big winner? I consent to my submitted data being collected and stored.