BitcoinEducation
Fibonacci Circles - Guide Part 32
Fibonacci circles is another indicator based on the Fibonacci sequence used in technical research. It is created by drawing a trend line between 2 extreme aspects. To get the 45 degree slanted trend line and perfectly round circles, hold down the Shift key as you draw.
The circles are drawn at 11 different levels based on the Fibonacci key causes of 23.6%, 38.2%, 61.8%, and 100%. In addition to the levels you want.
It is essential to consider that the "usual" levels are applied by default. The client has the function of formatting the tool to show / hide specific levels, as well as manually modify the grade values and save those changes as templates.
It is possible that certain of the circles are not visible thanks to the scale restrictions of the graph window.
Fibonacci circles have the possibility to indicate support and resistance levels. Generally, once the cost remains above the preeminent circle and if the preeminent circle is subsequently penetrated, the costs mainly fall to the lower circle, which in many cases becomes the degree of support. If costs break below the preeminent circle, fall to the lower circle, and then begin to rise, the lower circle becomes the degree of support. Also this works vice versa for resistance but in the opposite direction.
I use the same Fibonacci Retracement, so this part of the guide is not that long.
The circles are drawn at 11 different levels based on the Fibonacci key causes of 23.6%, 38.2%, 61.8%, and 100%. In addition to the levels you want.
It is essential to consider that the "usual" levels are applied by default. The client has the function of formatting the tool to show / hide specific levels, as well as manually modify the grade values and save those changes as templates.
It is possible that certain of the circles are not visible thanks to the scale restrictions of the graph window.
Fibonacci circles have the possibility to indicate support and resistance levels. Generally, once the cost remains above the preeminent circle and if the preeminent circle is subsequently penetrated, the costs mainly fall to the lower circle, which in many cases becomes the degree of support. If costs break below the preeminent circle, fall to the lower circle, and then begin to rise, the lower circle becomes the degree of support. Also this works vice versa for resistance but in the opposite direction.
I use the same Fibonacci Retracement, so this part of the guide is not that long.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.