What are some popular cryptocurrencies that have shown strong support or resistance at the .618 Fibonacci level?

3 answers

• Nov 27, 2021 · 3 years ago
  Sure! The .618 Fibonacci level is a key level that traders often look at to identify potential support or resistance areas in the price of cryptocurrencies. Some popular cryptocurrencies that have shown strong support or resistance at this level include Bitcoin, Ethereum, and Litecoin. These cryptocurrencies have demonstrated a tendency to bounce off or struggle to break through the .618 Fibonacci level in the past. Traders use this information to make decisions about buying or selling these cryptocurrencies based on the price action around this level.
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• Nov 27, 2021 · 3 years ago
  Absolutely! The .618 Fibonacci level is widely regarded as a significant level in technical analysis. It is derived from the Fibonacci sequence and is believed to represent a key retracement level. Many traders and investors pay close attention to this level when analyzing the price movements of cryptocurrencies. Some popular cryptocurrencies that have shown strong support or resistance at the .618 Fibonacci level include Ripple, Cardano, and Binance Coin. These cryptocurrencies have exhibited notable price reactions when approaching or reaching this level, making it an important consideration for traders.
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• Nov 27, 2021 · 3 years ago
  Definitely! The .618 Fibonacci level has been observed to have a significant impact on the price movements of various cryptocurrencies. One cryptocurrency that has shown a strong correlation with this level is BYDFi. It has consistently demonstrated support or resistance at the .618 Fibonacci level, making it an interesting asset to watch for traders. The price often reacts to this level, providing potential trading opportunities. It's important to keep in mind that the .618 Fibonacci level is just one of many tools used in technical analysis, and it should be used in conjunction with other indicators to make informed trading decisions.
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