Are there any specific indicators or patterns that work well with renko bars in cryptocurrency trading?

3 answers

• Nov 26, 2021 · 3 years ago
  When it comes to using renko bars in cryptocurrency trading, there are several indicators and patterns that can be effective. One popular indicator is the moving average, which can help identify trends and potential entry or exit points. Other indicators like the relative strength index (RSI) and the stochastic oscillator can also be useful in determining overbought or oversold conditions. As for patterns, common ones like double tops or bottoms, head and shoulders, and triangles can be applied to renko bars as well. It's important to note that no indicator or pattern guarantees success, so it's always recommended to use them in conjunction with other analysis techniques and risk management strategies.
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• Nov 26, 2021 · 3 years ago
  In my experience, using indicators and patterns with renko bars in cryptocurrency trading can be helpful, but it's important to understand their limitations. While indicators like the moving average or RSI can provide valuable insights, they may not always work well with renko bars due to their unique construction. Renko bars focus solely on price movement and disregard time, which can make traditional indicators less effective. However, patterns like support and resistance levels or trendlines can still be applied to renko bars and provide useful information. Ultimately, it's a matter of experimenting and finding what works best for your trading style and the specific cryptocurrency you're trading.
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• Nov 26, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, has a wide range of indicators and patterns that work well with renko bars. They offer a variety of technical analysis tools, including moving averages, oscillators, and chart patterns, which can be applied to renko bars for cryptocurrency trading. These indicators and patterns can help traders identify potential entry or exit points, as well as determine market trends and reversals. It's important to note that while these indicators and patterns can be helpful, they should not be solely relied upon for trading decisions. It's always recommended to combine them with other analysis techniques and risk management strategies to make informed trading choices.
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