RATE Group | Cryptocurrency Trader Uses Fibonacci to Determine Reversal Areas
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Cryptocurrency Trader Uses Fibonacci to Determine Reversal Areas

25 Oct Cryptocurrency Trader Uses Fibonacci to Determine Reversal Areas

Posted at 07:14h in Cryptocurrency News by

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Since reaching a high near the end of June, the majority of the cryptocurrency market has been on a downward spiral. This movement has been largely explained by the close proximity to the halving date, before which the price has historically decreased. Therefore, it has been considered a part of a correction, rather than a downward move in itself.

According to our analysis, most major coins are very close to initiating their reversal, as outlined by their Fibonacci levels. The Fibonacci tool is used in order to determine the most likely levels that can initiate a reversal.

The price levels for the closest support area are given in the table below.

Fibonacci Level Price Level
Bitcoin 0.618 $7300
Ethereum 0.786 $137
EOS 0.888 $2.36
Litecoin 0.786 $49
Bitcoin Cash 0.786 $170

Cryptocurrency trader @tradingroomapp outlined that several well-known cryptocurrencies are very close to significant Fibonacci support levels, suggesting that a reversal might soon ensue.

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