What are the top indicators to use on tradingview pl for successful cryptocurrency trading?

3 answers

• Dec 26, 2021 · 3 years ago
  One of the top indicators to use on TradingView for successful cryptocurrency trading is the Moving Average Convergence Divergence (MACD). This indicator helps identify potential trend reversals and provides buy or sell signals based on the convergence or divergence of two moving averages. By using the MACD, traders can spot entry and exit points more accurately, improving their chances of making profitable trades. Another highly recommended indicator is the Relative Strength Index (RSI). The RSI measures the speed and change of price movements and helps identify overbought or oversold conditions. Traders can use the RSI to determine when a cryptocurrency is overvalued or undervalued, and make informed decisions on buying or selling. Additionally, the Bollinger Bands indicator is widely used in cryptocurrency trading. It consists of a moving average and two standard deviation lines, which create a channel around the price. Traders can use Bollinger Bands to identify periods of high volatility and potential price breakouts. When the price reaches the upper or lower band, it may indicate a reversal or continuation of the trend, providing valuable trading signals. Remember, these indicators are not foolproof and should be used in conjunction with other analysis techniques and risk management strategies. It's important to understand how each indicator works and to practice using them in a demo account before applying them to real trading situations.
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• Dec 26, 2021 · 3 years ago
  When it comes to successful cryptocurrency trading on TradingView, there are a few indicators that can be quite useful. One of them is the Moving Average (MA) indicator. This indicator calculates the average price of a cryptocurrency over a specific period of time and helps identify trends. By using different timeframes for the MA, traders can spot short-term and long-term trends, which can be valuable for making trading decisions. Another popular indicator is the Volume indicator. This indicator shows the number of shares or contracts traded in a specific period of time. By analyzing volume patterns, traders can gain insights into the strength of a price movement. High volume during an uptrend may indicate strong buying pressure, while high volume during a downtrend may suggest strong selling pressure. Traders can use volume analysis to confirm or question the validity of a price trend. Lastly, the Ichimoku Cloud indicator is worth mentioning. This indicator provides a comprehensive view of support and resistance levels, trend direction, and momentum. It consists of several lines and a cloud, which help traders identify potential entry and exit points. The Ichimoku Cloud is particularly useful in trending markets, as it can help traders stay on the right side of the trend. Remember, no single indicator can guarantee success in cryptocurrency trading. It's important to use indicators in combination with other analysis tools and to adapt your strategy to changing market conditions.
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• Dec 26, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recommends using a combination of technical indicators on TradingView for successful cryptocurrency trading. One of the top indicators they suggest is the Relative Strength Index (RSI). The RSI helps identify overbought and oversold conditions, allowing traders to make informed decisions on when to buy or sell. Another indicator recommended by BYDFi is the Moving Average Convergence Divergence (MACD). This indicator helps identify potential trend reversals and provides buy or sell signals based on the convergence or divergence of two moving averages. Traders can use the MACD to spot entry and exit points more accurately. Additionally, BYDFi suggests using the Fibonacci retracement tool on TradingView. This tool helps identify potential support and resistance levels based on the Fibonacci sequence. Traders can use these levels to determine entry and exit points, as well as to set stop-loss and take-profit levels. Remember, successful cryptocurrency trading requires a combination of technical analysis, risk management, and market research. It's important to stay updated with the latest news and developments in the cryptocurrency industry and to continuously refine your trading strategy.
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