61.8% Bitcoin Fibo Expansion Level
We use Fibonacci extension levels to estimate where the bitcoin trend price movement will reach to. There are two important Fibonacci expansion areas: 61.8% Fibo Expansion Level and 100 Percent Fibo Expansion Level - these fibonacci expansion levels are used for setting bitcoin trading taking profit orders.
61.8 Fibo Extension Level
61.8 Fibo Expansion Level is the most commonly used bitcoin profit booking level when trading using the Fibo Expansion Technical Indicator.
To draw Fibo Expansion levels on the btcusd chart we wait til the bitcoin price retracement is complete & the bitcoin price starts to move in the original direction of the Bitcoin trend. Where the bitcoin crypto currency price retracement reaches is used as bitcoin crypto currency chart point 3. Fibo Expansion Bitcoin Technical Indicator is plotted using three chart points as shown on the example illustrated below of how to draw the Fibo Expansion Areas Technical IndicatorTool.
The Fibonacci expansion example illustrated below illustrates the three Chart Points where the Fibo expansion cryptocurrency indicator is drawn - marked as Chart point 1, Chart point two and Point 3.
Cryptocurrency Point 1 is where btcusd crypto trend started, Chart point 2 is where the bitcoin price pulled back & retraced - Chart point 3 is where the bitcoin price retracement reached as illustrated on the Fibo Extension Areas Technical Indicator Tool example illustrated below.
The First Fibo Expansion Level is the 61.8 Fibo Expansion Level shown on the Fibo Expansion Technical Indicator example Below Used to Set Take Profit Bitcoin Orders
How Do I Read 61.8% Fibo Extension Level
Please note where these Fibo Expansion levels are plotted on the chart - Fibo Expansion levels are drawn above the Fibo Extension Technical Indicator - these are the btcusd chart levels where a btcusd trader will set the bitcoin take-profits using these Fibo Expansion Levels - 61.8% Fibo Expansion Levels.
Interpret 61.8% Fibo Extension Level
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