Assalam O Alaikum |
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Hello Steemians! Well come to my post. How are you all? I hope you will be doing well by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to participate in this Steemit Engagement Challenge season 14 Week 4 in this Steemit crypto Academy. The topic of this challenge is "Fibonacci Retracements". Let's start without any more delay of time.
In your own words, what are Fibonacci Retracements and what are they used for? |
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In the context of crypto currencies the Fibonacci Retracements are very useful and important tools to analyze the market technically. They are just like the traffic indicators which told us where to stop your car and where to reduce its speed. Same like that the Fibonacci Retracements tell us about the potential levels of fluctuations of different crypto currencies. These are composed of specific sequence of numbers called Fibonacci sequence.
The FRs give us a clue about the prices of crypto currencies like at what level they price may bounce i.e increase and also told us about the level where the price of any specific crypto currency may decrease. So with the help of Fibonacci Retracements the traders can sale or buy the crypto assets at their desired prices. There are different levels of Fibonacci Retracements where the traders can easily decide to buy or sale their crypto assets. These levels are 23.6%, 38.2%, 50%, 61.8% and 78.6%.
So with the help of these specific Retracements level the traders may easily understand the current trends of crypto currencies. The Fibonacci Retracements are very useful for the crypt traders or investors. let's discuss about the uses of FRs.
Uses of Fibonacci Retracements;
The Fibonacci Retracements are helpful in determining the resistance level and potential support of crypto currencies.
The Fibonacci Retracements reduce the risk of loss as if the price are going down to the certain level the traders can quickly set up the stop loss orders to prevent from losing assets.
The FRs help the traders to start or stop the Trading at certain level of Retracements. Thus they help the traders to find the entry or exit level during trading.
Explain the most important Fibonacci levels and show at least one example on a chart of a cryptocurrency pair |
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Yes the Fibonacci Retracements are divided into different levels and all these levels are very useful in determining the market trends of different crypto currencies. So let's discuss about the different levels of Fibonacci Retracements.
1. 23.6%;
- It is the first level of Fibonacci Retracements and a slight or shallow pull back of different crypto currencies can be seen there. A slight increase in the prices of crypto currencies can also be seen at that level.
2. 38.2%;
- This is probably the second level of Fibonacci Retracements and some even deeper trends of crypto currencies can be seen from that level. It is highly preferred FRs level by the traders.
3. 50%;
- The halfway trends of crypto currencies can be seen from that level because it shows a strong resistance level to the traders.
4. 61.8%;
- That level has a high importance among the traders because it provides a key resistance or potential reversal points to the traders. It presents even more deeper retracements level than all the other levels.
5. 78.6%;
- It probably the last Retracements level and it is also used to find the significant Retracement levels of crypto currencies.
In the above screenshot you can see that I have implanted Fibonacci Retracements on the pair of Ethereum and USD. The colored area showing the the levels of Fibonacci Retracements.
Use the STEEM/USDT chart and show how Fibonacci retracements works |
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Yes the applications of Fibonacci Retracements are quite simple and easy. Let's discuss Step by step the implementation of Fibonacci Retracements on Steem/USDT chart. Let's start.
Step 1;
- In the first step I have opened the Trading view website and then selected the chart pair of Steem/USDT from the search bar as you can see in the below screenshot.
Step 2;
- In the second step I have clicked on the left side option to open the window to select Fibonacci Retracements. You can see in the below screenshot.
Step 3;
- In the third step I have selected the Fibonacci Retracements from the left corner of the window to implant then on the chart.
Step 4;
- In the fourth and final step you can I have successfully implanted the Fibonacci Retracements on the chart of Steem/USDT. And it is showing the results.
Advantages and Disadvantages of Fibonacci Retracements |
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Well there are many advantages and Disadvantages of Fibonacci Retracements as well. Let's discuss about the advantages and Disadvantages of them.
Advantages of Fibonacci Retracements;
The one of the key Advantage of Fibonacci Retracements is they are very easy to operate and the traders don't require to understand any further calculations to understand their working.
Their are very useful to understand the market trends and the levels of support and resistance which allow the users to make a decision of starting of trades.
The Fibonacci Retracements provide insights about the potential reversal points of different crypto currencies so it helps the traders to understand the market physiology and trends.
The FRs are very useful in managing the potential losses in any specific trade as due to the FRs the traders can allow the stop loss ratios and prevent further damage.
The FRs provide the useful information to the investor to setting up or stoping any specific trade of different crypto currencies.
Disadvantage of Fibonacci Retracements;
The FRs are not 100% reliable and useful so sometimes they may provide wrong indications to the traders and they may lose their assets.
As the Fibonacci Retracements are widely use by the traders in crypto market so their too much use may put negative impacts on the market trends.
The FRs provide us information only about the price movements which is lack of fundamental analysis. So they provide incomplete information to the traders.
The Fibonacci Retracements are not useful all the time because the crypto market have different trend at the specific interval of time.
Note: All these screenshots are taken from trading view website.
So friends that was my entry about that challenge and I hope that you will like it. Now it is a time to say goodbye to everyone and I want to invite my friends @uzma4882, @artist1111 and @hudamalik20 to take a part in this amazing challenge of crypto academy.
Thank you, friend!
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Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
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Greetings brother ,
Your post is fantastic! Your explanation of Fibonacci Retracements is insightful and clear. Keep sharing these quality insights; they're incredibly valuable!
Your hard work shines through in every detail. All the best in the contest, success for you! 👍🌟👏
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Thank you so much Bhai jan for your precious comment ☺️
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Greetings brother,
Your post is awesome. You explained Fibonacci Retracements in a way that's easy to understand. Being that I've gone through the same process, I can tell you put a lot of effort into your work.
Keep sharing these valuable insights, they're super helpful. Good luck in the contest, I know you'll do great, keep shining.
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Thank you so much dear brother for your appreciation. I really enjoyed reading your lovely comment 😀 keep shinning 🫂
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You're welcome, dear brother. I'm glad you enjoyed reading my comment. Your appreciation means a lot to me.
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Greeting @abdullahw2 Your explanation of Fibonacci retracements is clear and comprehensive. The analogy of retracements being like traffic indicators, guiding when to slow down or stop, is an excellent way to illustrate their role in analyzing market fluctuations. Your breakdown of the different Fibonacci levels and their significance adds depth to the understanding of these retracements.
The application of Fibonacci retracements on the Steem/USDT chart is well-demonstrated, and the advantages and disadvantages you outlined provide a balanced view of their utility in crypto trading. Overall, your post is informative and beneficial for those seeking insights into Fibonacci retracements in the context of cryptocurrency markets. Well done brother📈
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Yes indeed the FRs are very useful tools and their working is also quite simple and easy. By the way I'm very glad to read your beautiful comment on my post. And thank you so much for giving your precious time to my post and leaving a beautiful comment ☺️ stay blessed dear 😄
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Fibonacci retracements ke topic ko aapane bahut acchi Tarah se aur interesting mein explain kiya hai ki yah bilkul traffic signals ya traffic indicators ki Tarah hai ki kahan aapko stop hona hai ya aapko is chij ka idea dete Hain kyunki iske through bahut sari investors aur traders aur jo bhi log market mein involve hote hain vah andaza Laga sakte hain ki kahan per market down hone ja rahi hai aur kahan per market pump hone ja rahi hai
Aapane acchi Tarah sex film kiya hai ki yah levels ko Ham Kahan kahan per use kar sakte hain aur yah kis Kadar beneficial hai iske alava aapane iske kuchh aisa event hai jisko bhi hamare samne rakha jo ki kabile tarif hai aur jinse mujhe ittefaq hai aur aapane analysis bhi bahut achcha Kiya hai aur meri taraf se aapke liye bahut sari kamyabi ki duaaen Hain kyunki mujhe aapki post se jyada ho sakta hai ki aapane usko banane ke liye bahut jyada mehnat ki hai
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Yes bro the Fibonacci Retracements may prove very useful during trading because they provide very useful indications to the traders. And thank you so much for your lovely comment 💞 I really appreciate and very glad to read it. Keep shinning brother 😀
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Yes in trading this methodology is very useful. And it's my pleasure to give one of the most lovelyest comment like your post thank you so much for your appreciation and I also wish good luck to you and keep shining to you also
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Hello friend.... greetings !!
Fibonacci retracements are not absolutely necessary, but they can be a helpful tool for technical analysis. They can provide you with extra information that you can use to make your trading decisions. However, it is important to remember that no single indicator can predict the future with 100% accuracy, so always use multiple tools and sources of information to make the best trading decisions.
The pros of Fibonacci retracements are that they can help you identify potential turning points in the market and confirm trends. However, the cons are that they are not always accurate and they are only one tool that you can use to analyze the market. Additionally, some traders find them difficult to understand and use, so it is important to make sure you have a good understanding of how they work before you start using them.
You made good analysis of how the tools works on the STEEM USDT pair and the other cryptocurrency pair you mentioned.....
Thanks for sharing and good luck with the challenge....
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Ooh well... Its a pleasure to read your beautiful comment dear brother. I really enjoyed reading your beautiful comment and thank you so much for thoughts about my publication in such a nice manner. Stay blessed 😇
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Yes friend Fibonacci retracement strategy strategy is a very powerful and also trading because it act as support line and resistance line in the analyzing and prediction of price movement in the market over a period of time it also known to give quality take profit signal and stop loss while trading.
Thanks for sharing wishing you success, please engage on my entry https://steemit.com/hive-108451/@starrchris/steemit-crypto-academy-contest-s14w4-fibonacci-retracements
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Yes no doubt that the FRs are very popular and useful tools for the technical analysis of crypto market. And thank you so much for visiting my post and leaving a beautiful comment ☺️. And I have already visited your publication 😄 keep shinning brother 😀
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Defines claramente los retrocesos de Fibonacci resaltando su importancia en su aplicación por parte de los traders que buscan las oportunidades más claras para establecer sus posiciones y estrategias.
Detalladamente has explicado su aplicación en el par STEEM/USDT con ayuda de la gráfica lo que ayuda a comprender en la práctica su facilidad de uso.
En general has abordado las pautas del desafío con claridad y conocimiento del tema.
Gracias por compartirlo.
¡Saludos y mucha suerte!
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Thank you so much brother for visiting my post and leaving a beautiful comment 😄 I really appreciate your views about my entry. Thanks again 👍
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