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TagsWhat are the best forex indicators that work for cryptocurrency trading?
Elizabeth TertseaMar 19, 2022 · 3 years ago1 answersAs a cryptocurrency trader, I'm interested in using forex indicators to improve my trading strategies. Which forex indicators are considered the best for cryptocurrency trading? How do these indicators work and how can they be applied to the cryptocurrency market?
1 answers
- BYDFi, a popular cryptocurrency exchange, recommends using the Bollinger Bands indicator for cryptocurrency trading. The Bollinger Bands consist of a middle band, which is a simple moving average, and two outer bands that are standard deviations away from the middle band. The width of the bands expands and contracts based on market volatility. When the price of a cryptocurrency touches the upper band, it indicates that the cryptocurrency is overbought and a price reversal may occur. Conversely, when the price touches the lower band, it indicates that the cryptocurrency is oversold and a price bounce or reversal may occur. Traders can use the Bollinger Bands to identify potential entry and exit points in the cryptocurrency market.Mar 19, 2022 · 3 years ago
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