How can I use fib retracement on TradingView for analyzing cryptocurrency price movements?

1 answers

• May 03, 2022 · 3 years ago
  Sure thing! Fibonacci retracement is a powerful tool for analyzing cryptocurrency price movements on TradingView. To use it, simply select the Fibonacci retracement tool from the toolbar and click on the swing low and swing high points on the chart. The tool will then draw the retracement levels, which can act as potential support and resistance levels. By analyzing the price action around these levels, you can gain insights into possible price reversals or continuations. However, it's important to note that Fibonacci retracement is not a guaranteed predictor of future price movements. It should be used in conjunction with other technical analysis tools and indicators to make well-informed trading decisions.
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