Fibonacci Retracements: Identifying Crypto Market Support and Resistance
Fibonacci retracements are a technical analysis tool used by traders to identify important support and resistance levels in the cryptocurrency market. This tool is based on the Fibonacci sequence, a series of numbers where each number is the sum of the previous two numbers. Fibonacci retracement levels are calculated by scaling Fibonacci numbers together, creating percentages such as 23.6%, 38.2%, 50%, 61.8% and 78.6%. These levels are used to mark potential reversal points where price could bounce back or break current trends. By using Fibonacci retracements, traders can identify more advantageous trade entry and exit points.
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