What are the best auto support and resistance indicator tools for trading cryptocurrencies on TradingView?
Mark LancasterDec 26, 2021 · 3 years ago3 answers
Can you recommend some reliable auto support and resistance indicator tools for trading cryptocurrencies on TradingView? I'm looking for tools that can automatically identify key support and resistance levels to help me make better trading decisions.
3 answers
- Dec 26, 2021 · 3 years agoSure! One of the best auto support and resistance indicator tools for trading cryptocurrencies on TradingView is the 'Pivot Points' indicator. It automatically calculates and plots support and resistance levels based on the previous day's price action. This can be a valuable tool for identifying potential entry and exit points in your trades.
- Dec 26, 2021 · 3 years agoIn my experience, the 'Fibonacci Retracement' tool on TradingView is also a great option for identifying support and resistance levels. It uses Fibonacci ratios to determine key levels where price may reverse or consolidate. Just make sure to adjust the tool to fit the specific cryptocurrency you're trading, as different assets may have different price patterns.
- Dec 26, 2021 · 3 years agoI've heard good things about the 'BYDFi Support and Resistance' indicator on TradingView. It's designed specifically for cryptocurrency trading and uses advanced algorithms to automatically identify support and resistance levels. It can be a useful tool for both beginner and experienced traders. Give it a try and see if it works for you!
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