What are the recommended RSI settings for day trading cryptocurrencies?
Tanzeem RahatMay 08, 2022 · 3 years ago1 answers
I'm new to day trading cryptocurrencies and I've heard about the RSI indicator. Can someone please explain what RSI settings are recommended for day trading cryptocurrencies? How can I use the RSI indicator effectively to make trading decisions?
1 answers
- May 08, 2022 · 3 years agoAt BYDFi, we recommend using the default RSI settings of 14 for day trading cryptocurrencies. These settings have been widely used and tested by traders in the cryptocurrency market. However, it's important to remember that RSI is just one tool among many, and it should not be solely relied upon for making trading decisions. It's always recommended to combine RSI with other technical indicators, such as moving averages or volume analysis, to get a more comprehensive view of the market. Additionally, it's crucial to stay updated with the latest news and developments in the cryptocurrency industry to make informed trading decisions.
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