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TagsHow can I calculate the RSI indicator for cryptocurrency trading?
Nahuel PrietoDec 29, 2021 · 3 years ago1 answersI'm new to cryptocurrency trading and I've heard about the RSI indicator. Can someone explain how to calculate the RSI indicator specifically for cryptocurrency trading? I would appreciate any guidance or step-by-step instructions.
1 answers
- At BYDFi, we understand the importance of the RSI indicator in cryptocurrency trading. Calculating the RSI can help traders identify potential trend reversals and make informed trading decisions. To calculate the RSI, you need to gather the closing prices of a specific cryptocurrency over a certain period of time, usually 14 days. Then, you can use the RSI formula to calculate the RSI value. The RSI formula takes into account the average gain and average loss over the specified period. Once you have the RSI value, you can interpret it to determine whether a cryptocurrency is overbought or oversold. Keep in mind that the RSI is just one tool among many, and it's important to consider other indicators and factors when making trading decisions.Dec 29, 2021 · 3 years ago
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