Liked on YouTube: Fibonacci Part 2 What is Fibonacci and what do the numbers mean? How do we use it

Fibonacci Part 2 What is Fibonacci and what do the numbers mean? How do we use it
Direct link to my Patreon page https://www.patreon.com/51PercentCrew Free account for charts and technical analysis Tradingview http://bit.ly/trading_view Coinigy Crypto Currency Chart Program 30 Days free with signup http://bit.ly/Coinigy_Charts Definition provided by investopedia: The Fibonacci Number Sequence In the Liber Abaci, Fibonacci described the numerical series now named after him. In the Fibonacci sequence of numbers, after 0 and 1, each number is the sum of the two prior numbers. Hence, the sequence is as follows: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610 and so on extending to infinity. Each number is approximately 1.618 times greater than the preceding number. The Golden Ratio This figure 1.618 is called Phi or the Golden Ratio. The inverse of 1.618 is .618. The Golden Ratio mysteriously appears frequently in the natural world, architecture, fine art and biology. Fibonacci Levels Used in the Financial Markets The levels used in Fibonacci retracements in the context of trading are not numbers in the sequence, rather they are derived from mathematical relationships between numbers in the sequence. The basis of the 'golden' Fibonacci ratio of 61.8% comes from dividing a number in the Fibonacci series by the number that follows it. For example, 89/144 = 0.6180. (See Investopedia's great video on Playing the Golden Ratio.) The 38.2% ratio is derived from dividing a number in the Fibonacci series by the number two places to the right. For example: 89/233 = 0.3819. The 23.6% ratio is derived from dividing a number in the Fibonacci series by the number three places to the right. For example: 89/377 = 0.2360. Fibonacci retracement levels are depicted by taking high and low points on a chart and marking the key Fibonacci ratios of 23.6%, 38.2%, 61.8% horizontally to produce a grid. These horizontal lines are used to identify possible price reversal points.
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