Fibo Extension Bitcoin Indicator Tutorial Course
We use Fib Expansion Levels to try to project where bitcoin trend movement will get to and reach. There are Two crucial Fibo Extension areas: 61.80 % & 100% Fibonacci Expansion Areas, these are used for taking and booking profit.
To draw Fibo Extension levels in MT4 btcusd chart we wait til the bitcoin price retracement is complete and the bitcoin price starts to move in the original and initial direction of the Bitcoin trend. Where the bitcoin crypto price pull-back gets to is used as point 3. Fibo Extension MT4 Indicator is plotted using 3 chart points just as shown & displayed on the cryptocurrency example illustrated below of how to draw the Fibonacci Expansion Indicator MT4 Tool.
The Fibo Extension MT4 Indicator illustration illustrated below shows the three Chart Points where the Fibonacci Extension MT4 bitcoin indicator is plotted, labeled as Point 1, Chart point 2 & Chart point 3.
Point 1 is where bitcoin trend started, Point 2 is where bitcoin cryptocurrency trend pulled back & retraced and Chart point 3 is where the crypto retracement reached as illustrated on the Fibonacci Extension MT4 Indicator Tool example shown below.
Fibonacci Expansion Indicator Lesson
Fibo Extension Crypto Currency Indicator Course - Fib Expansion Levels Guide
Please note where these Fibonacci Expansion levels are drawn - Fibo Extension levels are drawn above the MT4 Fibonacci indicator, these are the chart levels where a bitcoin trader will set the takeprofit orders using these Fibonacci Expansion Levels - 61.80% and 100.00% Fibo Expansion Areas.
Upward Bitcoin Trend - Fibonacci Extension Bitcoin Tutorial - Fibo Extension Crypto Currency Indicator Course - Fib Expansion Levels Tutorial
We use Fib Expansion Levels to try to project where bitcoin trend movement will get to and reach. There are Two crucial Fibo Extension areas: 61.80% BTCUSD Fibonacci Expansion Level & 100% Fib Expansion Level, these Fibonacci Expansion Areas are used for taking and booking profit.
On the Fibonacci Extension MT4 cryptocurrency indicator exemplification illustrated and shown below you as a trader can see the Fibonacci Extension MT4 indicator is plotted along the direction of the btcusd crypto trend, since the bitcoin trend is upward - MetaTrader 4 Fibo Extension indicator is plotted upward.
These Fibonacci Expansion levels are shown as horizontal lines above the Fibonacci Extension MT4 bitcoin indicator, showing the taking and booking profit zones. In the cryptocurrency example shown below if you had used of 100.00% Fibonacci Expansion level the you'd have made good profit from this setup.
Fibonacci Extension Course - Fibo Extension Indicator Training Guide
Fibonacci Extension Crypto Indicator Course - Fibonacci Expansion Levels Tutorial
From the above Fibonacci Extension MT4 cryptocurrency indicator illustration, the upward bitcoin trend continued & both 61.80% & 100.0% Fibonacci Extension levels were all hit after which bitcoin price retraced again after getting to the 100.0 % Fibo Extension level.
Fibonacci Extension Bitcoin Lesson
Since we use the Fibo Extension MT4 tool to estimate/gauge take-profit levels, how do we draw MT4 Fibo Extension in a downwards trend?
We draw the Fibonacci Extension MT4 tool from chart point 1 to chart point 2 to chart point 3 like shown on the cryptocurrency example shown below. Remember we always draw this Fibonacci Extension MT4 tool in direction of the cryptocurrency trend. In the Fib Expansion example shown below, can you figure what is the direction which we've drawn it? That's right - downward direction.
Try and identify the difference between how we have plotted Fibonacci Expansion indicator above & how Fibonacci Expansion indicator is drawn below. This time you'd also have used Fibonacci Expansion level 100.00%, just where the bitcoin crypto price reached such as shown on the crypto example shown below. That would have been a nice area for profit booking.
Fibo Extension Course - Fib Expansion Indicator Tutorial Course
Fibo Extension Crypto Currency Indicator Course - Fib Expansion Levels Tutorial
From the Fibonacci Extension MetaTrader 4 crypto indicator example above, after drawing this MT4 Fibo Expansion tool there are 2 levels which are used to show and illustrate the taking profit zones, these 2 Fibo Extension levels are plotted as horizontal lines across the btcusd crypto price chart marked and labeled as 61.80% BTCUSD Fibonacci Expansion Level & 100% Fibonacci Expansion Level.
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