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Which cryptocurrencies have shown a strong correlation with Fibonacci levels?

Spencer ApeadjeiMay 26, 2023 · 2 years ago1 answers

Can you provide a list of cryptocurrencies that have demonstrated a significant correlation with Fibonacci levels in their price movements?

Cryptocurrencies
Fibonacci Levels
Price Movements

1 answers

  • TivalJun 19, 2022 · 3 years ago
    According to a study conducted by BYDFi, a digital currency exchange, Bitcoin and Ethereum have shown a strong correlation with Fibonacci levels in their price movements. The study analyzed historical price data and found that these cryptocurrencies often exhibit price retracements and extensions that align with Fibonacci ratios. This suggests that Fibonacci levels can be a useful tool for technical analysis in the cryptocurrency market. However, it's important to note that correlation does not imply causation, and other factors such as market trends and news events can also impact cryptocurrency prices. Therefore, it's always recommended to use Fibonacci levels in conjunction with other analysis techniques and indicators to make informed trading decisions.

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