Friends Crypto Academy is going to participate in this important contest. Since we are involved with crypto , we must know these things. To make a nice and accurate post though you need to learn and know about this. I will try to present below what I know or learned about this contest.
- A few words about the origin of the Fibonacci
The inventor of this sequence is the Italian mathematician Leonardo Bonacci. He invented this sequence in the 13th century and said it would work everywhere in the world. After discovering this, traders wondered how it would work if we applied it to trading. After applying to trade, it was found that its formula and effectiveness are extensive, so it is used in trading and it has been an important indicator and important tool.
Explain the concept of Fibonacci retracement as a technical analysis tool and how it is applied in crypto markets.
Fibonacci starts from zero to one. Then, the previous two numbers must be added to get a number like this: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, . ..continue counting like this 0+1 =1,1+2=3 ,2+3=5, 3+5=8 . Fibonacci retracement levels are all from the sum of these numbers. After running the sequence, dividing one number by the next gives 0.618 or 61.8%. Divide a number by the second number to its right and the result is 0.382, 38.2%, all ratios except 50%.
Now you can create and analyze it very easily. By going to the trading view website, you can easily analyze the price of token by using fib restatement indicator, you can check the restatement level, you can calculate the percentage and you will get the opportunity of sell option. The most important thing to understand whether the market is offside or down side is that you can understand the trend in the market. Looking at the horizontal lines, you can definitely understand that steem is running in a downtrend within the three-hour candle.
Utilize Tradingview to illustrate Fibonacci retracement levels on the BTC/USDT, ETH/USDT, and STEEM/USDT pairs. (Include screenshots to showcase retracement levels during both uptrends and downtrends).
I have provided the screenshots and it is clear that the Fibonacci retest level and support level are working very well. If you see that I have drawn everything in the screenshot, you will understand. I hope you like the analyses.
Break down the significance of key Fibonacci levels (e.g., 0.382, 0.500, 0.618) and explain how traders interpret these levels for potential support and resistance areas.
This matter is also very simple and we can figure it out very easily with Fibonacci tools. I am showing it by drawing it through a screenshot. How can we recognize new support and resistance after support and resistance are broken?When these labels are broken After selecting the fibonacci tools, click on the highest point of the candle stick and take it down. You can actually see your support very easily in the screenshot. If you go up you can draw resistance and support and if you go down from above you can see the support areas with these tools.
Explore the synergy of Fibonacci retracement with other technical indicators (e.g., Moving Averages, RSI). Discuss how a combination of tools can provide a more robust analysis.
I have drawn the analogy of moving average and stock stick RSI in the trade view screen. All are clear here. In each case the Moving Average and Stochastic RSI and our Fibonacci indicator worked correctly and found many similarities.
Specifically analyze the recent price action of STEEM/USDT using Fibonacci retracement.
If analyzed in the one day candle list it is seen that the biggest support is 0.2013. Currently now I can see 0.2292 daily candle working as resistance. Now if 0.2292 market is off then new support will be formed. Then 0.2292 will act as support on daily candle and resistance will be 0.2525 as per Fibonacci analysis.
Thanks to everyone here is an invitation @ariful2 , @robin42, @nooruleman
Impressive breakdown of Fibonacci retracement! Your detailed explanations along with clear Tradingview screenshots make it Easy for traders to grasp and apply. the synergy with Moving Averages and RSI adds depth to your analysis. Your specific examination of STEEM/USDT showcases your expertise. Best of luck
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thank you so much for your nice comment . best wishes from me.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello dear, greetings to you. I hope you are enjoying the sweet moments of your life.
The basics mechanism of Fibonacci tool is quite easy.vYoi have beautifully explained it in your blog. Yes it works on adding two numbers, then divide the result with the previous numbers, you will get the different levels of retracement.
I believe Fibonacci works too much in crypto or may other market, because the price of any stock or commodity doesn't move in a straight position or line. It must take retracement. So Fibonacci is the best tool to find that retracement, and once we find out the perfect retracement, it too much easy for us to make a perfect entry.
You have beautifully applied Fibonacci on all the three pairs. The three golden levels are defined beautiful too. Yes we should use Fibonacci with other trading tools so our accuracy of the trade increases. Infact we should use a combination of tools, everytime we go for short or long position.
Wish you best of luck in the contest, keep blessing.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thank you so much for your kind beautiful and information comment 🇧🇩. best of luck to you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Interesting facts about Fibonacci retracement! It's cool to know where it came from and how people use it in trading, especially with cryptocurrencies. The pictures show how it works. Knowing Fibonacci levels and how they work with other indicators helps with trading plans. Thanks for explaining
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thanks for your valuable comment
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Your most welcome dear friend
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
X promotion link
https://x.com/MostofaJaman5/status/1757698550140678338?s=20
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Your breakdown of Fibonacci retracement is truly impressive. The way you provide detailed explanations, accompanied by clear and relating screenshots, makes it incredibly easy for readers to understand and apply to their own trades.
The combination of Moving Averages and RSI adds depth and simplifies your analysis. Not leaving your examination of the STEEM/USDT pair, as your specific examination of the STEEM/USDT pair showcases your expertise in the field. Best of luck to you mate.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you very much for reading my post. In fact the effectiveness of these tools is such that those who trade with it know how important it is. Have a good day. God bless you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Greeting @mostofajaman Fantastic post team Crypto Academy Your post is a comprehensive guide on Fibonacci retracement making it easy for everyone to understand. The screenshots add clarity and your analysis of STEEM/USDT provides valuable insights. Keep up the great work 👏📈
thank you for mentioned me
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you very much this is a really important tool. Those who practice understand its importance. Good luck to you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
TEAM 5
Congratulations! Your post has been upvoted through steemcurator08.Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Dear friend,
You have clearly explained what Fibonacci retracement is. You have also demonstrated how those ratios are derived practically showing how to do so.
You have also clearly shown using charts of 3 crypto pairs to illustrate it's usage during an uptrend and a downtrend.
Those 3 key levels are specific levels to watch since crossing those ratios can indicate a total reversal of trend especially in higher time frames.
Thank you for the insightful writeup.
Wishing you the best in this contest.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That this is going on is actually very important. All traders have this tool at their fingertips. Thank you very much for the nice comment. Best of luck to you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Has dejado claro el concepto de los RF así mismo como su relevante uso en el mundo de los traders.
Has realizado un gran esfuerzo para responder los puntos del desafío.
¡Gracias y muchos éxitos!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit