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61.8% Bitcoin Fib Projection Level

Fibonacci projection levels are utilized to forecast the potential price movement of bitcoin. Two key levels are the 61.8% Fibonacci Projection Level and the 100% Fibonacci Projection Level, which are useful for determining bitcoin profit-taking orders.

61.8 Fibo Projection Level

The 61.8 Fibonacci Projection Level is used most often to decide where to take bitcoin profits when using the Fibo Projection Tool.

To plot Fibonacci Projection areas on the bitcoin chart, we wait until the bitcoin price retracement phase concludes and the price resumes movement in the original direction of the prevailing Bitcoin trend. The level reached by the bitcoin crypto price retracement serves as chart point 3 for the btcusd crypto pair. The Fibonacci Projection Bitcoin Tool requires three distinct chart points for its drawing, precisely as depicted in the example illustration below demonstrating how to construct the Fibonacci Projection Levels Bitcoin Tool.

The example illustrating Fibonacci projection henceforth demonstrates the three specific points on the Crypto Chart used to draw the Fibo projection tool for Bitcoin - these are designated as CryptoCurrency Point 1, Crypto point 2, and CryptoCurrency Point 3.

Crypto Point 1 is where btcusd crypto trend started, Crypto Point 2 is where btcusd price pulled back and retraced - CryptoCurrency Point 3 is where bitcoin price retracement reached as illustrated on the Fibonacci Projection Levels Bitcoin Tool example illustrated below.

The first Fibonacci projection level you'll run into is the 61.8% mark. You'll see this level highlighted on the Fibo Projection tool below - it's a common spot to set your take profit orders.

Read 61.8% Fibonacci Projection - Understand Fibo Projection Levels

Read the 61.8% Fibonacci Projection Level in Charts

Check the Fibonacci Projection levels on your chart. They sit above the tool on the BTCUSD chart. Use the 61.8% level for take-profit targets in bitcoin.

Interpret 61.8% Fibo Projection Level

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