Trading Bitcoin Interpret the Difference between Fibonacci Retracement Levels and Fibo Expansion Levels in Bitcoin Trading
Bitcoin Trade the Difference between Fibonacci Retracement Levels and Fibo Expansion Levels in Bitcoin Trading
Fibonacci Retracement Levels in Bitcoin Trading
Fibo retracement is drawn between two crypto chart points but Fib extension is drawn using Three btcusd crypto chart points.
Fibo Retracement Level cryptocurrency example illustrated below where the bitcoin trend is heading down between BTCUSD Crypto Chart point 1 & Bitcoin Crypto Currency Chart point 2, then after Bitcoin Crypto Currency Chart point 2 the bitcoin crypto currency price retraces then it continues heading upwards in the original upward trend. Note that this Fibonacci Retracement Levels bitcoin indicator is drawn from Bitcoin Chart point 1 to Bitcoin Chart point 2 in direction of the trend.
Fibo Retracement Levels - How Do I Draw Fibonacci Retracement Levels
Fibo Extension Levels in Bitcoin Trading
Fibo retracement is drawn between two crypto chart points but Fib extension is drawn using Three btcusd crypto chart points.
To draw these Fibonacci Extension levels we wait til the bitcoin price retracement is complete and the bitcoin price starts to move in the original direction of the Bitcoin trend. Where the bitcoin price retracement reaches is used as chart point 3 for fibonacci extension in cryptocurrency.
The Fibo Extension example illustrated below shows the 3 cryptocurrency chart Points where the Fibo Expansion technical indicator is drawn, labeled as chart point 1, 2 and 3. BTCUSD Crypto Chart point 1 is where the btcusd crypto trend started, BTCUSD Crypto Chart point 2 is where the btcusd crypto trend pulled back and retraced & BTCUSD Crypto Chart point 3 is where the bitcoin price retracement reached as illustrated on the Fibo Extension example illustrated below.
Fib Expansion Levels - How Do I Draw Fibo Extension Levels
Please note where these Fib Expansion levels are drawn - Fib Expansion levels are drawn above the Fibo Extension technical indicator, these are the points where one will set the bitcoin takeprofit orders.
How Do I Read the Difference between Fibonacci Retracement Levels and Fibo Expansion Levels in Bitcoin Trading
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