How can I effectively apply fib retracement on TradingView to analyze Bitcoin price movements?

3 answers

• Sandeep GaggraApr 17, 2023 · 2 years ago
  Sure, here's a step-by-step guide on how to effectively apply fib retracement on TradingView to analyze Bitcoin price movements: 1. Open TradingView and select the Bitcoin chart you want to analyze. 2. Locate the Fibonacci retracement tool in the TradingView toolbar. 3. Click and drag the tool from the swing low to the swing high of the Bitcoin price movement you want to analyze. 4. The tool will automatically draw the Fibonacci retracement levels on the chart. 5. Pay attention to the key retracement levels, such as 0.382, 0.5, and 0.618, as these are often areas of support or resistance. 6. Use the Fibonacci retracement levels to identify potential entry and exit points for your Bitcoin trades. Remember, Fibonacci retracement is just one tool in technical analysis, so it's important to use it in conjunction with other indicators and analysis techniques for a more comprehensive view of Bitcoin price movements.
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• Emil LindhardsenJul 17, 2020 · 5 years ago
  Hey there! Applying fib retracement on TradingView to analyze Bitcoin price movements is a great way to identify potential support and resistance levels. Here's how you can do it: 1. Open TradingView and find the Bitcoin chart you want to analyze. 2. Look for the Fibonacci retracement tool in the TradingView toolbar. 3. Click and drag the tool from the lowest point to the highest point of the Bitcoin price movement you're interested in. 4. The tool will automatically draw the Fibonacci retracement levels on the chart. 5. Pay attention to the 0.382, 0.5, and 0.618 levels, as these are commonly used in Fibonacci analysis. 6. Use the retracement levels to identify potential areas of support and resistance for your Bitcoin trades. Remember, Fibonacci retracement is just one tool in your trading arsenal, so make sure to use it in conjunction with other technical analysis tools and indicators for better accuracy.
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• sindanerJun 18, 2023 · 2 years ago
  Certainly! Here's a step-by-step guide on how to effectively apply fib retracement on TradingView to analyze Bitcoin price movements: 1. Open TradingView and select the Bitcoin chart you want to analyze. 2. Locate the Fibonacci retracement tool in the TradingView toolbar. 3. Click and drag the tool from the swing low to the swing high of the Bitcoin price movement you want to analyze. 4. The tool will automatically draw the Fibonacci retracement levels on the chart. 5. Pay attention to the key retracement levels, such as 0.382, 0.5, and 0.618, as these are often areas of support or resistance. 6. Use the Fibonacci retracement levels to identify potential entry and exit points for your Bitcoin trades. Remember, Fibonacci retracement is just one tool in technical analysis, so it's important to use it in conjunction with other indicators and analysis techniques for a more comprehensive view of Bitcoin price movements.
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