How Do You Draw Bitcoin Fibonacci Expansion Bitcoin Indicator on Bitcoin Charts?
How Do You Trade Bitcoin and Draw Bitcoin Fibonacci Expansion Bitcoin Indicator on Bitcoin Charts?
How Do I Draw Bitcoin Fibonacci Expansions on Bitcoin Charts?
Traders use Bitcoin Fibonacci Expansion levels bitcoin indicator to estimate/gauge where the bitcoin cryptocurrency trend movement will get to. There are Two important Bitcoin Fibonacci Expansion areas: 61.80% and 100% Bitcoin Fibonacci Expansion Areas, these are used for taking profit.
To draw Bitcoin Fibonacci Expansion levels on the cryptocurrency chart we wait until the bitcoin price retracement is complete & the bitcoin price starts to move in the original direction of the Bitcoin trend. Where the bitcoin price retracement reaches and gets to is used as cryptocurrency chart point 3. Bitcoin Fibonacci Expansion Bitcoin Indicator is plotted using three cryptocurrency chart points as is shown on the cryptocurrency example illustrated below of how to draw the Bitcoin Fibonacci Expansion IndicatorTool.
The Bitcoin Crypto Currency Fibonacci Expansion cryptocurrency example shown below shows the 3 Bitcoin Chart Points where the Bitcoin Fibonacci Expansion bitcoin technical indicator is drawn, labeled as Bitcoin Chart point 1, Bitcoin Crypto Currency Chart point 2 and BTCUSD CryptoCurrency Chart point 3.
BTCUSD CryptoCurrency Chart point 1 is where the btcusd crypto trend started, BTCUSD CryptoCurrency Chart point 2 is where the btcusd crypto trend pulled back and retraced and Bitcoin Crypto Currency Chart point 3 is where the bitcoin price retracement reached as illustrated on the Bitcoin Fibonacci Expansion Indicator Tool cryptocurrency example shown below.
How Do I Bitcoin Trade with Bitcoin Fib Expansion?
Please take note where these Bitcoin Fibo Extension levels are drawn - Bitcoin Fibonacci Expansion levels are drawn above the Fibonacci bitcoin indicator, these are the cryptocurrency chart points where a trader will set the bitcoin take-profits using these Bitcoin Fibo Extension Levels - 61.8% & 100.0% Bitcoin Fibonacci Expansion Areas.
Drawing Bitcoin Fibonacci Expansions on an Upward Bitcoin Trend
We use Bitcoin Fibonacci Expansion levels to estimate/gauge where the bitcoin trend movement will get to. There are Two important Bitcoin Fibonacci Expansion areas: 61.80% Bitcoin Fibonacci Expansion Level & 100% Bitcoin Fibonacci Expansion Level, these Bitcoin Fibonacci Expansion Levels are used as bitcoin taking profit areas.
On the Bitcoin Fibonacci Expansion cryptocurrency indicator example shown below you as a trader can see that the Bitcoin Fibonacci Expansion bitcoin technical indicator is plotted along the direction of the bitcoin crypto trend, since the bitcoin trend is upward - the Bitcoin Fibonacci Expansion bitcoin indicator is drawn upward.
These Bitcoin Fibo Extension levels are listed as horizontal lines above the Bitcoin Fibonacci Expansion bitcoin technical indicator, showing the profit booking areas. In the cryptocurrency example illustrated below if you had used of 100.00% Bitcoin Fibonacci Expansion level you would have made nice profit from the bitcoin trade setup.
Drawing Bitcoin Fibo Extension Indicator in an Upwards Bitcoin Trend - Bitcoin Fibonacci Expansion Tool
From the above Bitcoin Fibonacci Expansion cryptocurrency indicator example, the upwards bitcoin trend continued & both 61.80% & 100.0% Bitcoin Fibonacci Expansion levels were all hit after which bitcoin price retraced again after getting to the 100.0% Bitcoin Fibonacci Expansion level.
Drawing Bitcoin Fibonacci Expansion Areas on a Downwards Bitcoin Trend
Since we use the Bitcoin Fibonacci Expansion bitcoin indicator to estimate/gauge bitcoin takeprofit areas, how do we draw Bitcoin Fibonacci Expansion in a downwards Bitcoin trend?
We draw the Bitcoin Fibonacci Expansion bitcoin indicator from cryptocurrency chart point 1 to cryptocurrency chart point 2 to cryptocurrency chart point 3 as is shown on the cryptocurrency example illustrated below. Remember we always draw this Bitcoin Fibonacci Expansion tool in direction of the cryptocurrency trend. In the Bitcoin Fibonacci Expansion cryptocurrency example shown below, can you figure out what is the direction which we have drawn it? That is right - downwards direction.
Try & identify the difference between how we have plotted Bitcoin Fibonacci Expansion bitcoin indicator above and how Bitcoin Fibonacci Expansion bitcoin indicator is drawn below. This time you would also have used Bitcoin Fibonacci Expansion level 100.0%, just where the bitcoin crypto currency price reached as is illustrated on the crypto example illustrated below. That would have been a nice bitcoin take profit order area.
Drawing Bitcoin Fibo Extension Indicator in a Downwards Bitcoin Trend - Bitcoin Fibonacci Expansion Tool
From the Bitcoin Fibonacci Expansion cryptocurrency indicator example set-out above, after plotting this Bitcoin Fibonacci Expansion bitcoin tool there are 2 levels that are used to show and display the bitcoin profit booking levels, these 2 Bitcoin Fibonacci Expansion levels are plotted as horizontal lines across the cryptocurrency chart labeled & marked as 61.8% Bitcoin Fibo Expansion Level and 100% Bitcoin Fibo Extension Level.
How Do You Trade Bitcoin and Draw Bitcoin Fibonacci Expansion Bitcoin Indicator on Bitcoin Charts
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