How can Fibonacci extensions be used to predict price movements in the cryptocurrency market?

1 answers

• Nov 23, 2021 · 3 years ago
  Fibonacci extensions are a popular tool among traders in the cryptocurrency market. They are based on the Fibonacci sequence, a mathematical pattern that has been observed in various natural phenomena. The idea behind Fibonacci extensions is that they help identify potential levels where prices may reverse or continue their trend. Traders use these extensions to set profit targets or determine areas of support and resistance. However, it's important to remember that Fibonacci extensions are not a crystal ball. They are just one tool among many in a trader's arsenal. It's always a good idea to use them in conjunction with other technical analysis tools and indicators for more accurate predictions.
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