61.8% Bitcoin Trading Fibo Expansion Level

We use Fibonacci expansion levels to estimate where the bitcoin trend bitcoin price movement will reach. There are 2 important Fibonacci expansion areas: 61.8% Fibonacci Expansion Level and 100% Fibonacci Expansion Level - these fibonacci expansion levels are used for setting bitcoin trading taking profit orders.

61.8 Fibonacci Expansion Level

61.8 Fibonacci Expansion Level is the most commonly used bitcoin profit-taking level when trading using the Fibo Expansion Technical Indicator.

To draw Fibo Expansion levels on the btcusd 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 is used as bitcoin chart point 3. Fibonacci Expansion Bitcoin Technical Indicator is plotted using three cryptocurrency chart points as shown on the cryptocurrency trading example illustrated below of how to draw the Fibonacci Expansion Areas Technical Indicator Tool.

The Fibonacci expansion example illustrated below shows the 3 Cryptocurrency Chart Points where the Fibonacci expansion cryptocurrency indicator is drawn - marked as Cryptocurrency Chart point 1, Cryptocurrency Chart point 2 and Cryptocurrency Chart point 3.

Cryptocurrency Chart point 1 is where the bitcoin trend started, Cryptocurrency Chart point 2 is where the bitcoin price pulled back & retraced - Cryptocurrency Chart point 3 is where the bitcoin price retracement reached as illustrated on the Fibonacci Expansion Areas Technical Indicator Tool example illustrated below.

The First Fibo Expansion Level is the 61.8 Fibonacci Expansion Level shown on the Fibonacci Expansion Indicator example Below Used to Set Take Profit Bitcoin Orders

How Do I Read 61.8% Fibonacci Expansion Level

Please note where these Fibonacci Expansion levels are plotted on the cryptocurrency chart - Fibo Expansion levels are drawn above the Fibonacci Expansion Indicator - these are the btcusd chart points where a trader will set the bitcoin take-profit orders using these Fibonacci Expansion Levels - 61.8% Fibonacci Expansion Levels.

Interpret 61.8% Fibonacci Expansion Level