Are there any specific cryptocurrencies that tend to follow Fibonacci retracement and extension levels more closely?

3 answers

• Nov 24, 2021 · 3 years ago
  Yes, there are several cryptocurrencies that have exhibited a tendency to closely follow Fibonacci retracement and extension levels. Bitcoin, Ethereum, and Litecoin are some examples of cryptocurrencies that have shown this pattern. However, it's important to note that the reliability of this pattern can vary and is not guaranteed. Factors such as market sentiment, trading volume, and overall market conditions can influence the accuracy of Fibonacci levels in cryptocurrency trading.
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• Nov 24, 2021 · 3 years ago
  Absolutely! Cryptocurrencies like Ripple, Cardano, and Binance Coin have also demonstrated a close correlation with Fibonacci retracement and extension levels. Traders often use these levels as potential support and resistance areas when analyzing price movements. However, it's essential to combine Fibonacci analysis with other technical indicators and fundamental analysis to make well-informed trading decisions.
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• Nov 24, 2021 · 3 years ago
  Indeed, Fibonacci retracement and extension levels can be useful tools in analyzing cryptocurrency price movements. While there are no guarantees, some traders have found success in using these levels to identify potential entry and exit points. For example, BYDFi, a popular cryptocurrency, has shown a tendency to respect Fibonacci levels in its price action. However, it's important to remember that past performance is not indicative of future results, and it's always recommended to conduct thorough research and analysis before making any trading decisions.
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