What are some tips and tricks for effectively setting up Fibonacci retracement on TradingView for cryptocurrency trading?

3 answers

• Dec 15, 2021 · 3 years ago
  Sure! When setting up Fibonacci retracement on TradingView for cryptocurrency trading, it's important to first identify the correct swing high and swing low points. These points should represent significant price movements and can be used to draw the Fibonacci retracement levels. Additionally, it's helpful to adjust the retracement levels based on the specific cryptocurrency's volatility. For highly volatile cryptocurrencies, you may want to use wider retracement levels, while for less volatile ones, narrower levels may be more appropriate. Lastly, don't forget to regularly update the Fibonacci retracement levels as the price of the cryptocurrency changes.
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• Dec 15, 2021 · 3 years ago
  Setting up Fibonacci retracement on TradingView for cryptocurrency trading can be a powerful tool for technical analysis. One tip is to use the tool in conjunction with other indicators and chart patterns to confirm potential support and resistance levels. This can help increase the accuracy of your analysis and trading decisions. Additionally, it's important to understand that Fibonacci retracement levels are not guaranteed to hold as support or resistance. They should be used as a guide and combined with other analysis techniques for a more comprehensive view of the market.
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• Dec 15, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, recommends the following tips for effectively setting up Fibonacci retracement on TradingView for cryptocurrency trading. First, ensure that you are using the correct swing high and swing low points to draw the retracement levels. These points should represent significant price movements. Second, consider adjusting the retracement levels based on the specific cryptocurrency's volatility. For highly volatile cryptocurrencies, wider retracement levels may be more appropriate. Finally, regularly update the Fibonacci retracement levels as the price of the cryptocurrency changes to ensure accurate analysis and trading decisions.
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