How does trend-based fib extension help in predicting price movements of cryptocurrencies?

3 answers

• Nov 29, 2021 · 3 years ago
  Sure! Trend-based fib extension is a technical analysis tool that helps traders predict potential price levels in a cryptocurrency's upward or downward trend. It uses Fibonacci retracement levels to identify key support and resistance levels. By drawing fib extensions on a chart, traders can project future price targets based on the length of the previous trend. This can be useful for setting profit targets or identifying potential areas of price reversal.
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• Nov 29, 2021 · 3 years ago
  Trend-based fib extension is like having a crystal ball for predicting cryptocurrency price movements. It's a fancy way of using Fibonacci numbers to draw lines on a chart and make predictions about where the price might go next. Traders use it to identify potential levels of support and resistance, which can help them make better trading decisions. It's not foolproof, of course, but it's one tool in the toolbox that many traders find helpful.
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• Nov 29, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, utilizes trend-based fib extension as part of its technical analysis toolkit. By analyzing historical price data and applying fib extensions, BYDFi traders can make more informed predictions about future price movements. This helps traders identify potential entry and exit points, manage risk, and maximize profits. Trend-based fib extension is just one of the many strategies employed by BYDFi to provide a comprehensive trading experience for its users.
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