What happens when you sell at limit?

I'm curious to understand what exactly occurs when one decides to sell their cryptocurrency at a limit price. Can you elaborate on the process? Do you simply set a specific price you're willing to sell at, and the exchange automatically fulfills the order once that price is reached? Or is there more to it than that? Additionally, how does the market's volatility factor into this decision, and how can traders strategize to ensure they're making informed choices when setting their limit prices?