Which cryptocurrencies have shown strong support or resistance at Fibonacci retracement levels?

3 answers

• SundaemonMar 28, 2024 · a year ago
  Sure! One cryptocurrency that has shown strong support at Fibonacci retracement levels is Bitcoin (BTC). It has consistently bounced back from key Fibonacci levels, indicating strong buying pressure. Another cryptocurrency that has demonstrated resistance at Fibonacci levels is Ethereum (ETH). It has struggled to break through certain Fibonacci levels, suggesting selling pressure from traders. These are just a few examples, but there are many other cryptocurrencies that have shown similar patterns at Fibonacci retracement levels.
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• hershjoshiMay 23, 2021 · 4 years ago
  Absolutely! When it comes to cryptocurrencies, Fibonacci retracement levels can be a useful tool for identifying areas of support and resistance. Some notable examples include Ripple (XRP), which has often found support at key Fibonacci levels, and Litecoin (LTC), which has faced resistance at certain Fibonacci levels. It's important to note that Fibonacci retracement levels are not foolproof indicators, but they can provide valuable insights into potential price levels where buying or selling pressure may occur.
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• Nischal ShresthaAug 25, 2021 · 4 years ago
  According to a recent analysis by BYDFi, a digital currency exchange, several cryptocurrencies have shown strong support or resistance at Fibonacci retracement levels. Bitcoin (BTC) has consistently found support at key Fibonacci levels, indicating a strong bullish sentiment among investors. Ethereum (ETH) has faced resistance at certain Fibonacci levels, suggesting a bearish sentiment in the market. Other cryptocurrencies, such as Ripple (XRP) and Litecoin (LTC), have also exhibited similar patterns. It's important to note that Fibonacci retracement levels should not be the sole basis for making trading decisions, but they can be a useful tool in conjunction with other technical indicators.
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