Are there any specific Fibonacci retracement settings that are commonly used by cryptocurrency traders?

3 answers

• Mccray KarlsenDec 25, 2022 · 3 years ago
  As a cryptocurrency trader, I have found that the most commonly used Fibonacci retracement settings are the 38.2%, 50%, and 61.8% levels. These levels are based on the Fibonacci sequence and are believed to indicate potential support and resistance levels in price movements. However, it's important to note that these settings are not set in stone and may vary depending on the trader's strategy and the specific cryptocurrency being traded.
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• red cabarcasMar 20, 2021 · 4 years ago
  When it comes to Fibonacci retracement settings, there is no one-size-fits-all approach in cryptocurrency trading. Different traders may have their own preferred settings based on their trading strategies and risk tolerance. Some traders may use the 50% and 61.8% levels as key retracement levels, while others may also consider the 38.2% level. It's important to experiment and find what works best for you as a trader.
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• McWilliams HolgersenDec 26, 2023 · 2 years ago
  BYDFi, a popular cryptocurrency exchange, recommends using the 38.2%, 50%, and 61.8% Fibonacci retracement levels as commonly used settings. These levels are widely accepted in the cryptocurrency trading community and are believed to provide valuable insights into potential price reversals and trend continuations. However, it's important to conduct thorough technical analysis and consider other indicators before making trading decisions.
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