Which cryptocurrencies have shown a strong correlation with Fibonacci retracement and extension levels?

3 answers

• Nov 27, 2021 · 3 years ago
  Certainly! When it comes to cryptocurrencies, some that have shown a strong correlation with Fibonacci retracement and extension levels include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). These cryptocurrencies have often exhibited price movements that align with the Fibonacci levels, making them interesting for traders who use Fibonacci analysis in their strategies. It's important to note that while there may be correlations, it's not a guarantee of future price movements, and other factors should also be considered in trading decisions.
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• Nov 27, 2021 · 3 years ago
  Oh yeah, Fibonacci retracement and extension levels can be quite useful when analyzing cryptocurrencies. Some of the popular ones that have shown a correlation with these levels are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). Traders often look for price reactions at these Fibonacci levels to make trading decisions. However, it's important to remember that correlation doesn't always mean causation, so it's wise to consider other technical indicators and fundamental analysis as well.
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• Nov 27, 2021 · 3 years ago
  Based on my experience at BYDFi, I've noticed that cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) have shown a strong correlation with Fibonacci retracement and extension levels. Traders often use these levels as potential support and resistance areas to make trading decisions. However, it's important to conduct thorough analysis and consider other factors before making any trading decisions. Remember, past performance is not indicative of future results.
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