Can you provide a step-by-step guide on how to draw Fibonacci extensions for popular cryptocurrencies like Bitcoin and Ethereum?

1 answers

• Apr 30, 2022 · 3 years ago
  Sure, I can help you with that! Drawing Fibonacci extensions for popular cryptocurrencies like Bitcoin and Ethereum can be a useful tool for traders. Here's a step-by-step guide: 1. Identify a significant swing low and swing high on the price chart. 2. Use a Fibonacci retracement tool to draw from the swing low to the swing high. 3. Look for the 0.618 and 1.618 Fibonacci extension levels on the retracement tool. 4. These levels can act as potential price targets for the cryptocurrency. 5. Keep in mind that Fibonacci extensions should not be used in isolation and should be used in conjunction with other technical analysis tools. Remember, practice and experience are key when it comes to using Fibonacci extensions effectively in cryptocurrency trading.
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