Ultimate Guide to Crypto Fibonacci Retracement Levels: Bitcoin & Altcoin Trading
When you think of popular cryptocurrency trading tools, the Fibonacci retracement level tool is right there at the top of the list. Helping traders reveal key levels to place buy and sell orders is a very simple way to explain the purpose of this highly effective tool and doesn’t entirely do it justice.
For those traders who properly know how to utilize its formidable ability to spot these crucial levels of support and resistance, it can and will make you into another trading success story.
Also Read: Best Crypto Trading Bots
For now, let’s give you a little back story as to why institutional traders have been using this tool for decades…
A Quick History Lesson on Fibonacci
Leonardo Bonacci, nicknamed Fibonacci, was an Italian mathematician born into a humble family of traders back in 1170. Amongst being a brilliant mathematician, Leonardo was an avid traveler.
Through his travels, he discovered a Hindu-Arabic numerical system and quickly figured out its advantages over the current European system at that time. This led him to become one of the most influential people to lead the adoption of the Hindu Arabic numerical system by the Western world.
Leonardo published a book called “Liber Abaci,” known as “The Book of Calculation”, which he published in the year 1202. The book included detailed examples on how to practically use these highly innovative calculations in every day uses like bookkeeping, weight and measurement conversions, human interest calculations, among many other things. The book was so well-loved and received that we can feel the effects of its influence, even in today’s world.
Leonardo’s system completely overtook the previously used Roman numerical system and improved business calculation capabilities which led to an exponential growth of accounting and banking in the heart of Europe.