Fibonacci Retracement levels are a popular form of technical analysis used by traders to predict future potential prices in financial market.Traders and investors usually preferred this retracement to have check on resistance and potential level of a certain stock or crypto as well.Traders can place orders, figure out stoploss and take profit targets.
These are trend lines drawn between two specific high and low points on a chart.
This support and resistance indicator always use some common ratios that are 23.6% ,38.2% ,50%, 78.6%, and so on ....
30 mints to 60 mints time frame is considered as suitable time frame for this retracement level.
Limitations: Most of the time this is found complex for a normal trader to read chart accurately.