What are the top indicators on TradingView for day trading cryptocurrency?

7 answers

• Dec 18, 2021 · 3 years ago
  Sure! One of the top indicators on TradingView for day trading cryptocurrency is the Relative Strength Index (RSI). RSI measures the speed and change of price movements and can help identify overbought or oversold conditions. When the RSI is above 70, it indicates overbought conditions and may be a good time to sell. Conversely, when the RSI is below 30, it indicates oversold conditions and may be a good time to buy. Remember to use RSI in conjunction with other indicators for better accuracy.
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• Dec 18, 2021 · 3 years ago
  Well, there are several indicators that traders often use on TradingView for day trading cryptocurrency. Moving Averages (MA) are quite popular. They help smooth out price data and provide a clearer picture of the trend. The 50-day and 200-day moving averages are commonly used to identify long-term trends. When the price is above the moving averages, it suggests an uptrend, and when the price is below the moving averages, it suggests a downtrend. However, it's important to note that moving averages are lagging indicators and may not always be accurate in fast-moving markets.
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• Dec 18, 2021 · 3 years ago
  As an expert at BYDFi, I can tell you that one of the top indicators on TradingView for day trading cryptocurrency is the Bollinger Bands. Bollinger Bands consist of a middle band (usually a 20-day moving average) and two outer bands that are standard deviations away from the middle band. They help identify volatility and potential price reversals. When the price touches the upper band, it indicates overbought conditions, and when the price touches the lower band, it indicates oversold conditions. Traders often look for price breakouts or bounces at the bands for trading opportunities.
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• Dec 18, 2021 · 3 years ago
  In my experience, the Volume indicator is also crucial for day trading cryptocurrency on TradingView. Volume represents the number of shares or contracts traded in a security or market during a given period. High volume often accompanies significant price movements, indicating strong market participation. By analyzing volume patterns, traders can identify trends, confirm breakouts, and spot potential reversals. It's important to pay attention to volume spikes and divergences, as they can provide valuable insights into market sentiment and potential price movements.
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• Dec 18, 2021 · 3 years ago
  Another useful indicator for day trading cryptocurrency on TradingView is the MACD (Moving Average Convergence Divergence). MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security's price. It consists of a MACD line, a signal line, and a histogram. When the MACD line crosses above the signal line, it generates a bullish signal, indicating a potential buying opportunity. Conversely, when the MACD line crosses below the signal line, it generates a bearish signal, indicating a potential selling opportunity. Traders often use MACD to confirm trends and identify potential entry and exit points.
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• Dec 18, 2021 · 3 years ago
  Don't forget about the Ichimoku Cloud indicator on TradingView! It's a comprehensive indicator that provides key information about support and resistance levels, trend direction, and momentum. The cloud, also known as the Kumo, represents an area of support or resistance. When the price is above the cloud, it suggests an uptrend, and when the price is below the cloud, it suggests a downtrend. Additionally, the Tenkan-sen and Kijun-sen lines can be used to identify potential entry and exit points. The Ichimoku Cloud is a versatile indicator that can be used in various trading strategies.
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• Dec 18, 2021 · 3 years ago
  While there are many indicators available on TradingView for day trading cryptocurrency, it's important to remember that no single indicator can guarantee profitable trades. It's crucial to use indicators in conjunction with other analysis techniques, such as chart patterns, candlestick patterns, and fundamental analysis. Additionally, it's essential to practice proper risk management and have a well-defined trading plan. Remember, successful trading requires a combination of knowledge, experience, and discipline.
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