A quick note: No indicator is a cure-all. I use Fibonacci as just one of many tools. Always consider fundamentals like vesting, community, and market narrative alongside technical analysis.
🔶 What are Fibonacci Levels?
Fibonacci levels are key support and resistance points derived from an infinite sequence of natural numbers. They help identify potential price reversal zones, especially in trending markets.
🔶 Why Use Fibonacci?
1. To gauge the strength of market movements.
2. To find high-probability support and resistance levels.
🔶 How to Use Fibonacci on TradingView?
➬ In an uptrend: Click the Swing Low and drag to the Swing High.
➬ In a downtrend: Click the Swing High and drag to the Swing Low.
🔶 Key Fibonacci Levels:
➬ 0.236-0.382 = Strong market 💪
➬ 0.5 = Normal ⚖️
➬ 0.618-0.786 = Weaker trend 🛑
🔶 Golden Pocket Retracement:
The zone between 0.618 and 0.66 is where strategic trades often happen.
🔶 Magic of 1.618/2.618 Levels:
Use these levels to find new highs or set take-profit targets for breakouts.
Master these levels, and you’ll be well on your way to making strategic, profitable trades!