What are the indicators or signals to look for when deciding when to take profit in digital currency trading?

1 answers

• May 10, 2022 · 3 years ago
  BYDFi, a leading digital currency exchange, suggests that traders should also pay attention to key support and resistance levels when deciding when to take profit. Support levels are price levels where buying pressure is expected to prevent further price declines, while resistance levels are price levels where selling pressure is expected to prevent further price increases. When a digital currency approaches a resistance level, it may be a good time to take profit as there could be a potential price reversal. Conversely, when a digital currency approaches a support level, it may be an opportunity to buy or hold the position instead of taking profit. Traders should consider these levels in conjunction with other indicators and signals to make informed decisions.
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