61.8% Bitcoin Fibonacci Expansion Level
We use Fib extension levels to estimate/gauge where the bitcoin trend price movement will get to. There are 2 important Fibonacci expansion areas: 61.8% Fib Expansion Level & 100 Percent Fibonacci Expansion Level - these Fibonacci expansion levels are used for setting bitcoin trading booking profit orders.
61.8 Fibo Extension Level
61.8 Fib Expansion Level is the most often used bitcoin profit booking level when trading using the Fibonacci Expansion Indicator.
To draw Fibo Expansion levels on the btcusd chart we wait til the bitcoin price retracement is complete & the bitcoin price starts to move in the initial direction of the Bitcoin trend. Where the bitcoin price retracement reaches and gets to is used as bitcoin crypto chart point 3. Fibonacci Expansion Bitcoin Indicator is plotted using three chart points as is shown in the example illustration illustrated below of how to draw the Fibonacci Expansion Areas IndicatorTool.
The Fib expansion example shown below illustrates the three Chart Points where the Fib expansion cryptocurrency indicator is drawn - labeled and marked as Chart point 1, Chart point two and Point 3.
CryptoCurrency Point 1 is where btcusd crypto trend started, Chart point 2 is where the bitcoin price pulled back and retraced - Chart point 3 is where the bitcoin price retracement reached just as illustrated on the Fibonacci Extension Areas Indicator Tool example illustrated below.
The First Fibonacci Expansion Level is the 61.8 Fibonacci Expansion Level displayed & shown on the Fibonacci Expansion Indicator example illustration Below Used to Set Take Profit Bitcoin Orders
How Do I Read 61.8% Fibonacci Extension Level
Please note where these Fibonacci Expansion levels are plotted on the chart - Fibonacci Expansion levels are drawn above the Fibonacci Extension Indicator - these are the btcusd chart levels where a btcusd trader will set the bitcoin take-profits using these Fibonacci Expansion Levels - 61.8% Fib Expansion Levels.
Interpret 61.8% Fibo Extension Level
Get More Courses and Topics:
- How Do I Interpret Stochastic Trading Indicator on Trade Chart?
- How to Interpret and Analyze BTCUSD Charts Analysis
- How Do You Add MT5 BTCUSD Moving Average Oscillator for MT5 Bitcoin Trade Platform Software?
- How Do I Analyze Chart using Systems?
- How to Use Kase Peak Oscillator and Kase DevStop 2 Indicator on Chart
- How Do I Start BTC USD Practice in MT5 Trading BTC USD Practice Account?
- How Do I Interpret Trade MT5 Downwards Trend line on MT5 Online Charts?
- How Do I Analyze Fibonacci Pullback Technical Indicator in MT4 Software Platform?
- How to Learn How to Use MetaTrader 5 Platform
- How to Install EA on your MT4 BTCUSD Trade Software Platform
