Which digital currencies are most influenced by forex pivot points?

3 answers

• Dec 17, 2021 · 3 years ago
  Digital currencies that are most influenced by forex pivot points include Bitcoin, Ethereum, and Ripple. These cryptocurrencies have a high trading volume and are often traded against major fiat currencies. As forex pivot points are widely used by traders to identify potential support and resistance levels, they can have a significant impact on the price movements of these cryptocurrencies. Traders who use pivot points in their analysis may adjust their trading strategies based on the levels provided by forex pivot points, which can lead to increased buying or selling pressure on these digital currencies.
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• Dec 17, 2021 · 3 years ago
  Forex pivot points can have a strong influence on the price movements of digital currencies such as Bitcoin, Ethereum, and Ripple. These cryptocurrencies are often traded against major fiat currencies, and traders who use pivot points in their analysis may consider these levels as potential support or resistance areas. If a significant number of traders are watching the same pivot points and making trading decisions based on them, it can create a self-fulfilling prophecy and cause price movements in the expected direction. However, it's important to note that pivot points are just one tool among many used by traders, and their influence should be considered in conjunction with other technical and fundamental factors.
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• Dec 17, 2021 · 3 years ago
  When it comes to digital currencies that are influenced by forex pivot points, Bitcoin, Ethereum, and Ripple are among the top contenders. These cryptocurrencies have a large market capitalization and are often traded against major fiat currencies. Forex pivot points are used by many traders to identify potential support and resistance levels, and when these levels coincide with key price levels in digital currencies, it can lead to increased buying or selling pressure. However, it's important to note that the influence of forex pivot points on digital currencies can vary depending on market conditions and other factors. Traders should always consider multiple indicators and analysis techniques when making trading decisions.
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