What are some tips and tricks for using fib retracement on TradingView to predict Ethereum price trends?

3 answers

• Huber HoodJul 10, 2020 · 6 years ago
  Sure! Fib retracement is a powerful tool for predicting price trends in Ethereum on TradingView. Here are some tips and tricks to make the most out of it: 1. Identify the major swing highs and swing lows on the Ethereum chart. These will serve as reference points for drawing the fib retracement levels. 2. Draw the fib retracement levels from the swing low to the swing high or vice versa. The most commonly used levels are 38.2%, 50%, and 61.8%. 3. Pay attention to the price action around these fib levels. If Ethereum price retraces and bounces off a particular level, it indicates strong support or resistance. 4. Combine fib retracement with other technical indicators like moving averages or trendlines for confirmation. Remember, fib retracement is not a crystal ball, but it can provide valuable insights into potential price levels and trends in Ethereum.
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• SeanYork35Mar 22, 2024 · 2 years ago
  Yo! So you wanna know how to use fib retracement on TradingView to predict Ethereum price trends? Here's the deal: 1. Find the major swing highs and lows on the Ethereum chart. These are your starting points for drawing the fib retracement levels. 2. Draw the fib levels from the swing low to the swing high or vice versa. Use the 38.2%, 50%, and 61.8% levels. 3. Keep an eye on how the price reacts to these levels. If Ethereum bounces off a fib level, it could mean strong support or resistance. 4. Don't rely solely on fib retracement. Combine it with other indicators like moving averages or trendlines for a more complete picture. Remember, fib retracement is just a tool. It's not foolproof, but it can give you some insights into potential price movements in Ethereum.
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• Ondřej FucimanMay 30, 2024 · 2 years ago
  As an expert at BYDFi, I can tell you that using fib retracement on TradingView to predict Ethereum price trends can be quite effective. Here's what you need to know: 1. Identify the significant swing highs and lows on the Ethereum chart. These will serve as reference points for drawing the fib retracement levels. 2. Draw the fib levels from the swing low to the swing high or vice versa. The commonly used levels are 38.2%, 50%, and 61.8%. 3. Pay attention to how the price reacts to these levels. If Ethereum price bounces off a fib level, it indicates a strong support or resistance zone. 4. Combine fib retracement with other technical indicators like moving averages or trendlines for confirmation. Remember, fib retracement is a tool, not a crystal ball. It can provide valuable insights into potential price trends in Ethereum, but it's always important to consider other factors and do your own analysis.
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