What are some practical examples of successful Fibonacci extension trades in the world of cryptocurrencies?

5 answers

• Nov 24, 2021 · 3 years ago
  Sure! Fibonacci extension levels are widely used by cryptocurrency traders to identify potential price targets and make profitable trades. For example, let's say a trader identifies a strong uptrend in Bitcoin and wants to determine where the next resistance level might be. By applying Fibonacci extension levels to the previous swing high and low, the trader can identify potential price targets for the next upward move. If the price reaches one of these levels and shows signs of resistance, the trader may decide to take profits or adjust their stop-loss order. This is just one practical example of how Fibonacci extension trades can be used in the world of cryptocurrencies.
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• Nov 24, 2021 · 3 years ago
  Absolutely! Fibonacci extension levels have proven to be effective tools for cryptocurrency traders. Let's take Ethereum as an example. Suppose a trader notices a significant pullback in the price of Ethereum after a strong rally. By using Fibonacci extension levels, the trader can identify potential support levels where the price might bounce back. If the price indeed bounces off one of these levels, it could present a buying opportunity for the trader. This is just one practical example of how Fibonacci extension trades can be utilized in the world of cryptocurrencies.
  577193
• Nov 24, 2021 · 3 years ago
  Definitely! Fibonacci extension levels have been widely used by traders in the world of cryptocurrencies. At BYDFi, we have seen numerous successful trades utilizing Fibonacci extension levels. Traders have used these levels to identify potential profit-taking points or to set stop-loss orders. For example, a trader might notice a strong upward trend in a particular altcoin and use Fibonacci extension levels to determine where the next resistance level might be. If the price reaches that level and shows signs of resistance, the trader might decide to sell a portion of their holdings or adjust their stop-loss order to protect their profits. Fibonacci extension trades can be a valuable tool in the world of cryptocurrencies.
  731183
• Nov 24, 2021 · 3 years ago
  Sure thing! Fibonacci extension trades have been quite popular in the world of cryptocurrencies. Traders often use these levels to identify potential price targets and make profitable trades. For instance, let's say a trader notices a strong downward trend in a cryptocurrency and wants to find potential support levels where the price might reverse. By applying Fibonacci extension levels to the previous swing high and low, the trader can identify potential buying opportunities. If the price bounces off one of these levels and shows signs of upward momentum, the trader might decide to enter a long position. This is just one practical example of how Fibonacci extension trades can be successful in the world of cryptocurrencies.
  733147
• Nov 24, 2021 · 3 years ago
  Absolutely! Fibonacci extension trades have been widely used by cryptocurrency traders to make profitable trades. Traders often use these levels to identify potential price targets and set profit-taking levels. For example, let's say a trader notices a strong upward trend in a particular cryptocurrency and wants to determine where the next resistance level might be. By applying Fibonacci extension levels to the previous swing high and low, the trader can identify potential price targets for the next upward move. If the price reaches one of these levels and shows signs of resistance, the trader might decide to sell a portion of their holdings or take profits. Fibonacci extension trades can be a valuable tool for successful trading in the world of cryptocurrencies.
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