Technical Analysis Guide - FIBONACCI RETRACEMENT GOLDEN RETRACEMENT
Quick Introduction
A trading indicator known as Fibonacci Retracements are ratios used to identify potential reversals in price.
After an increase or decrease price, chartists use Fibonacci Retracements to define retracement levels and forecast the extent of a correction or pullback.
The most popular Fibonacci Retracements are 0.618 and 0.382
Golden Retracement
The chart shows Bitcoin (BTC) bottoming near the 0.618 retracement level.
The price then surges back up towards the 0.382 Fibonacci Retracement level and successfully breaks through only to fall again.
Retracements in the 0.382-0.50 range would be considered moderate. The 0.618 retracement can be referred to as the golden retracement. It is, after all, based on the Golden Ratio.
Conclusion
This could obviously go much more in depth, but I wanted to keep things simple.
Hopefully, this will help some of you that are just getting started with trading this was one of my first indicators I started using a couple years back and its one of my favorites.
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Hope u are right!
This is a guide for new traders no a price prediction although, my BTC chart is predicting bearish movement.here
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