How Do I Draw Fibo Extension Levels on Downward Bitcoin Trend?

How Do You Trade Bitcoin and Draw Fibo Extension Levels on Downward Bitcoin Trend?

We draw the Fibonacci Expansion Indicator tool from bitcoin chart point 1 to bitcoin chart point 2 to bitcoin chart point 3 just as shown on the Fibonacci expansion cryptocurrency trading example illustrated below. Remember we always draw this Fibonacci Expansion tool in direction of the cryptocurrency trend. In the Fib Expansion example illustrated below, can you figure what is the direction which we've drawn it? That is right - downward direction.

As a trader you'd also have used Fibonacci Expansion level 100.0 %, just where the bitcoin price reached like is illustrated on the Fibo Extension example illustrated below. That would have been a nice btcusd crypto take profit order level.

How Do I Draw Fibonacci Expansion on Downward Bitcoin Trend?

How Do I Draw Fibo Extension Levels on Downward Trend?

From the Fibonacci Expansion Indicator tool example set-out above, after drawing this Fib Expansion Indicator tool there are 2 levels that are used to show and display the bitcoin profit booking levels - these 2 Fibo Expansion levels are represented as horizontal lines across the cryptocurrency chart labeled & marked as 61.8 percent BTCUSD Fibonacci Expansion Level & 100% Fibo Extension Level.

Interpretation of How Do I Draw Fibo Extension Levels on Crypto Currency Charts?

BTC USD Crypto traders Fib Expansion areas to estimate/gauge where the bitcoin price movement will reach. There are 2 commonly used Fibonacci Expansion areas: 61.8% Fibonacci Expansion Level and 100% Fibonacci Expansion Levels - these Fibonacci expansion levels are used for setting bitcoin profit booking zones.

To draw Fibonacci Expansion levels on the cryptocurrency chart we wait til the bitcoin price retracement is complete and the bitcoin price starts to move in the original direction of the Bitcoin trend. Where the bitcoin cryptocurrency price retracement reaches and gets to is used as bitcoin chart point 3. Fibonacci Expansion Bitcoin tool is drawn using three bitcoin chart points just as illustrated on the Fibonacci expansion cryptocurrency example shown below of how to draw the Fibonacci Expansion IndicatorTool.

The Fibonacci Extension example shown below illustrates the 3 Points where the Fibonacci Extension Indicator is drawn, labeled as Crypto Chart point 1, Crypto Chart point 2 and Crypto point 3.

CryptoCurrency Point 1 is where btcusd crypto trend started, Crypto Point 2 is where btcusd crypto price pulled back and retraced & Crypto Point 3 is where bitcoin retracement reached just as illustrated on the Fibonacci Expansion Indicator Tool example shown below.

How to Trade Bitcoin and Draw Fibonacci Expansion on Downward Bitcoin Trend

How Do You Trade Crypto and Draw Fibo Extension Levels on Downward Trend?

Please note where these Fib Expansion levels are drawn - Fibo Extension levels are drawn above the Fibonacci indicator, these are the btcusd cryptocurrency chart levels where a btc usd trader will set the bitcoin crypto take profit orders using these Fibonacci Extension Levels - 61.8% Fib Expansion Level and 100.0% Fibonacci Expansion Level.

How Do I Draw Fibonacci Expansion Levels on Downward Bitcoin Trend?

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How Do I Draw Fibo Extension Levels on Downward Bitcoin Trend?

How Do You Trade Bitcoin and Draw Fibo Extension Levels on Downward Bitcoin Trend?

Interpretation of How Do I Draw Fibo Extension Levels on Crypto Currency Charts?