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Bitcoin Draw Fib Projection Levels on Downward Bitcoin Trend

How Do You Trade Bitcoin and Draw Fibonacci Projection Levels on Downward Bitcoin Trend?

We draw the Fibo Projection trading bitcoin indicator from bitcoin chart point 1 to bitcoin chart point 2 to bitcoin chart point 3 as shown on the Fibo projection trading bitcoin example shown below. Remember we always draw this Fibonacci Projection tool in direction of the cryptocurrency trend. In the Fibo Projection example shown below, can you figure out what is the direction which we have drawn it? That is right - downward direction.

As a trader you'd also have used Fibonacci Projection level 100.0 %, just where the bitcoin crypto price reached just as shown on the Fibo Projection example shown below. That would have been a nice bitcoin take profit order area.

Bitcoin Draw Fib Projection on Downward Bitcoin Trend

Crypto Draw Fib Projection Levels on Downward Trend?

Take the Fib Projection bitcoin indicator example shown above. After you draw the Fibonacci Projection on your chart, you'll see two main levels for booking profits. These show up as horizontal lines labeled 61.8% BTCUSD Fibo Projection Level and 100% Fibo Projection Level, marking your target areas right on the bitcoin chart.

Interpretation of Trading Draw Fibonacci Projection Levels on Charts

BTC/USD CryptoCurrency traders Fib Projection levels to estimate/gauge where the bitcoin cryptocurrency price movement will reach. There are 2 commonly used Fibonacci Projection areas: 61.8% Fibo Projection Level & 100% Fibo Projection Levels - these Fibonacci projection levels are used for setting bitcoin taking profit areas.

To draw Fib Projection areas on the trading bitcoin 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 bitcoin chart point 3. Fibonacci Projection BTCUSD Indicator tool is drawn using three bitcoin chart points as is shown on the Fibo projection trading bitcoin example shown below of how to draw the Fibo Projection Trading IndicatorTool.

The Fibonacci Projection example illustrated below shows the 3 Chart Points where the Fibonacci Projection trading bitcoin technical indicator is drawn, labeled as Crypto Chart point 1, Crypto point 2 and CryptoCurrency point 3.

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

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

How Do You Trade Crypto and Draw Fibonacci Projection Levels on Downward Trend?

It is important to observe where the Fibonacci Projection levels are established - these levels are positioned above the indicator for Fibonacci trading in bitcoin. Traders will utilize these points on the BTC/USD chart to determine their take-profit levels, specifically at the 61.8% Fibonacci Projection Level and the 100.0% Fibonacci Projection Level.

Draw Fibonacci Projection Levels on Downward Bitcoin Trend?

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