Fibonacci Drawing on Bitcoin Charts Exercises

These exercises will give more examples on trading and drawing Fibonacci retracement levels and Fibonacci expansion levels. The first exercise is to figure out the direction of the Bitcoin price trend and then determine if the Fibonacci tool used is Fibonacci retracement or Fibonacci expansion and then figure how it is drawn then practice drawing them on a Bitcoin chart using a practice practice account.

Tasks:Figure out the direction of the Bitcoin price trend

Determine if the Fibonacci is retracement or expansion

Figure-out how it is drawn

Practice drawing Fibonacci retracement or Fibonacci expansion on a BTCUSD Bitcoin price chart.

To find BTCUSD Bitcoin charts just download MetaTrader 5 platform from any one of the many online brokers & select the financial instrument - BTCUSD.

After you have downloaded the MetaTrader 5 platform, Go to the menu 'Insert' at the top left corner, on the drop down menu, click Fibonacci and select either the option of Fibonacci Retracement or Fibonacci Expansion. Then draw it as explained in the previous courses of Fibo Expansion and Fibonacci Retracement. Then do the following exercises:

Fibo Retracement Levels and Fibo Extension Levels Exercise

Exercises 1:

Exercises 2:

Exercises 3:

Exercises 4:

Exercises 5:

Hint: point 1 to point 2 follows the trend direction

Hint: Fibo Retracement has points 1 and 2

Hint: Fibo Expansion has point 1, 2 and 3