Which support and resistance indicator on TradingView is recommended for analyzing cryptocurrency price movements?

3 answers

• Dec 26, 2021 · 3 years ago
  One highly recommended support and resistance indicator for analyzing cryptocurrency price movements on TradingView is the 'Pivot Points' indicator. This indicator calculates key support and resistance levels based on the previous day's price action. It is widely used by traders to identify potential reversal points and areas of price consolidation. By incorporating Pivot Points into your analysis, you can gain valuable insights into the market's sentiment and make more accurate trading decisions.
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• Dec 26, 2021 · 3 years ago
  When it comes to analyzing cryptocurrency price movements, the 'Fibonacci Retracement' indicator on TradingView is a popular choice among traders. This indicator uses Fibonacci ratios to identify potential support and resistance levels. By plotting these levels on your chart, you can anticipate price reversals and plan your trades accordingly. Fibonacci Retracement is a versatile tool that can be applied to various timeframes, making it suitable for both short-term and long-term trading strategies.
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• Dec 26, 2021 · 3 years ago
  BYDFi, a leading digital asset exchange, recommends using the 'Volume Profile' indicator on TradingView for analyzing cryptocurrency price movements. This indicator displays the volume traded at each price level, allowing you to identify areas of high buying or selling pressure. By analyzing the volume profile, you can gain insights into the market's liquidity and potential support and resistance levels. Incorporating the Volume Profile indicator into your analysis can help you make more informed trading decisions and improve your profitability.
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