MediaTrading Articles

CryptoCred – Technical Analysis Series: Fibonacci Levels

0

In this video, CryptoCred cover’s Fibonacci retracement and extension levels. – How to set up the Fibonacci retracement tool – How to identify swing high/swing lows & anchors for Fibonacci levels – Using Fibonacci levels to identify areas of support and resistance.

What are Fibonacci Levels?

Fibonacci numbers are used to create technical indicators using a mathematical sequence developed by the Italian mathematician, commonly referred to as “Fibonacci,” in the 13th century. The sequence of numbers, starting with zero and one, is created by adding the previous two numbers. For example, the early part of the sequence is 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89,144, 233, 377, and so on.

This sequence can then be broken down into ratios which some believe provide clues as to where a given financial market will move to.

The Fibonacci sequence is significant because of the so-called golden ratio of 1.618, or its inverse 0.618. In the Fibonacci sequence, any given number is approximately 1.618 times the preceding number, ignoring the first few numbers. Each number is also 0.618 of the number to the right of it, again ignoring the first few numbers in the sequence. The golden ratio is ubiquitous in nature where it describes everything from the number of veins in a leaf to the magnetic resonance of spins in cobalt niobate crystals.

Taken from Investopedia

About CryptoCred

CryptoCred is a technical trader, analyst and educator within the Crypto Community. His free educational content delivered across multiple platforms has seen him gain an impressive audience over the last couple of years.

Free TA lessons & articles: https://docs.google.com/document/d/15…

Twitter: https://twitter.com/CryptoCred

Telegram: https://t.me/cryptocredTA

For more Crypto Cred content on The Daily Chain such as this video on fibonacci levels, visit this link here.

For more TA articles and guides use this link or to check out our Live TA section click here.

The Daily Chain – Inform. Educate. Succeed.

CryptoCred
CryptoCred is a technical trader, analyst and educator within the Crypto Community. His free educational content delivered across multiple platforms has seen him gain an impressive audience over the last couple of years.

ElevateUX Interview: Trading Room

Previous article

Nugget’s News: Bitcoin Is Now An Unstoppable Force

Next article

Comments

Leave a reply

You may also like

More in Media