What are some tips for identifying reliable support and resistance levels on tradingview for cryptocurrency trading?

3 answers

• Dec 17, 2021 · 3 years ago
  One tip for identifying reliable support and resistance levels on TradingView is to look for areas where price has previously reversed or stalled multiple times. These levels indicate strong buying or selling pressure, and are likely to act as support or resistance in the future. Additionally, you can use technical indicators such as moving averages or Fibonacci retracement levels to confirm the validity of these levels. Remember to consider the timeframe you are trading on, as support and resistance levels may vary depending on the timeframe. Happy trading! 💪
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• Dec 17, 2021 · 3 years ago
  When it comes to identifying reliable support and resistance levels on TradingView for cryptocurrency trading, it's important to analyze historical price data and look for patterns. Look for areas where price has consistently bounced off a certain level or failed to break through a certain level. These areas can serve as strong support or resistance levels. Another tip is to pay attention to volume. High volume at a support or resistance level can indicate a higher likelihood of price reversal. Don't forget to use stop-loss orders to manage your risk! 😉
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• Dec 17, 2021 · 3 years ago
  Identifying reliable support and resistance levels on TradingView can greatly improve your cryptocurrency trading strategy. One approach is to use the BYDFi indicator, which is specifically designed to identify support and resistance levels based on historical price data. This indicator takes into account various factors such as price volatility and volume to determine the strength of these levels. By using the BYDFi indicator, you can have a more accurate understanding of where price is likely to reverse or stall. Remember to always combine technical analysis with other indicators and market factors for a well-rounded trading strategy. Good luck! 🎉
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