What are the best support and resistance indicators for trading cryptocurrencies on Thinkorswim?

3 answers

• Nov 26, 2021 · 3 years ago
  One of the most popular support and resistance indicators for trading cryptocurrencies on Thinkorswim is the Fibonacci retracement tool. This indicator uses key Fibonacci levels to identify potential support and resistance levels in the market. By plotting these levels on your chart, you can get a better understanding of where the price might reverse or consolidate. Another reliable indicator is the moving average, which can act as dynamic support or resistance. The 50-day and 200-day moving averages are commonly used by traders to identify long-term support and resistance levels. Additionally, the pivot point indicator can also be helpful in identifying key levels of support and resistance. It calculates potential support and resistance levels based on the previous day's high, low, and close prices. These indicators, when used in combination, can provide valuable insights for trading cryptocurrencies on Thinkorswim.
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• Nov 26, 2021 · 3 years ago
  When it comes to support and resistance indicators for trading cryptocurrencies on Thinkorswim, one popular choice is the Bollinger Bands. This indicator consists of a moving average and two standard deviation lines, which can help identify potential support and resistance levels. When the price reaches the upper band, it may indicate overbought conditions and potential resistance. Conversely, when the price reaches the lower band, it may indicate oversold conditions and potential support. Another useful indicator is the Volume Profile, which displays the volume traded at different price levels. This can help identify areas of high trading activity and potential support or resistance zones. Lastly, the Ichimoku Cloud indicator is also worth considering. It provides a comprehensive view of support and resistance levels, as well as trend direction and momentum. These indicators can be valuable tools for trading cryptocurrencies on Thinkorswim.
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• Nov 26, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency trading platform, offers a wide range of support and resistance indicators for traders on Thinkorswim. One of their recommended indicators is the Relative Strength Index (RSI), which measures the speed and change of price movements. It can help identify overbought and oversold conditions, which can be potential areas of resistance and support. Another useful indicator is the Average True Range (ATR), which measures market volatility. By understanding the current volatility, traders can better assess potential support and resistance levels. Additionally, the Parabolic SAR indicator can also be helpful. It provides potential support and resistance levels based on the price trend. These indicators, along with others offered by BYDFi, can assist traders in making informed decisions when trading cryptocurrencies on Thinkorswim.
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