Which cryptocurrencies have shown a strong correlation with Fibonacci extensions?

3 answers

• Apr 30, 2022 · 3 years ago
  Certainly! Several cryptocurrencies have shown a strong correlation with Fibonacci extensions in their price movements. Some of the notable ones include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC). These cryptocurrencies have exhibited patterns that align with Fibonacci retracement levels, making them popular among traders who use Fibonacci analysis in their technical analysis strategies. It's important to note that while there may be correlations, it's always recommended to conduct thorough analysis and consider other factors before making any investment decisions.
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• Apr 30, 2022 · 3 years ago
  Yes, there are cryptocurrencies that have shown a strong correlation with Fibonacci extensions. Bitcoin (BTC) and Ethereum (ETH) are two of the most well-known cryptocurrencies that have exhibited such patterns. Traders often use Fibonacci retracement levels to identify potential support and resistance levels in these cryptocurrencies' price charts. However, it's important to remember that correlation does not imply causation, and other factors should be taken into consideration when making trading decisions.
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• Apr 30, 2022 · 3 years ago
  According to research and analysis, Bitcoin (BTC) and Ethereum (ETH) have shown a strong correlation with Fibonacci extensions in their price movements. These cryptocurrencies have often respected key Fibonacci levels, such as the 38.2%, 50%, and 61.8% retracement levels. Traders who use Fibonacci analysis in their trading strategies often look for these patterns to identify potential entry and exit points. However, it's important to note that correlation does not guarantee future price movements, and other factors should be considered in conjunction with Fibonacci analysis.
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