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TagsWhat are the Fibonacci extension levels used in cryptocurrency trading?
Tabassem Plus Medical CenterNov 25, 2021 · 3 years ago1 answersCan you explain what Fibonacci extension levels are and how they are used in cryptocurrency trading?
1 answers
- Fibonacci extension levels are an important tool in cryptocurrency trading. They are derived from the Fibonacci sequence, a series of numbers where each number is the sum of the two preceding ones. These levels are used to identify potential support and resistance areas in the price of a cryptocurrency. Traders often use Fibonacci extension levels to set profit targets or determine where to place stop-loss orders. By incorporating these levels into their trading strategies, traders can improve their risk management and increase their chances of making profitable trades.Nov 25, 2021 · 3 years ago
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