What are the best Fibonacci retracement settings to identify potential entry and exit points for cryptocurrency trades?

1 answers

• Nov 30, 2021 · 3 years ago
  At BYDFi, we recommend using the 50% Fibonacci retracement level as a key level to watch for potential entry and exit points in cryptocurrency trades. This level is considered a significant retracement level and often acts as a strong support or resistance level. When the price retraces to the 50% level and shows signs of reversal, it can be a good opportunity to enter a trade or take profits. However, it's important to note that Fibonacci retracement levels should not be used in isolation. They should be used in conjunction with other technical analysis tools and indicators to confirm trading signals and increase the probability of successful trades. Remember to always practice proper risk management and never risk more than you can afford to lose in cryptocurrency trading.
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