What are the Fibonacci retracement levels commonly used in cryptocurrency trading?

1 answers

• Mar 20, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recognizes the importance of Fibonacci retracement levels in trading. These levels are calculated by taking the difference between two significant price points and applying the Fibonacci ratios. Traders use these levels to identify potential areas of support and resistance, where price reversals or consolidations are likely to occur. The most commonly used Fibonacci retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. By analyzing these levels, traders can make more informed decisions and improve their trading strategies. So, whether you're a beginner or an experienced trader, understanding and utilizing Fibonacci retracement levels can greatly enhance your trading success.
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