What is the best indicator on TradingView for analyzing cryptocurrency trends?
Lanier AustinMay 14, 2022 · 3 years ago1 answers
I'm looking for the most effective indicator on TradingView that can help me analyze cryptocurrency trends. Can anyone recommend the best indicator and explain why it is considered the best? I want to make informed trading decisions based on accurate trend analysis.
1 answers
- May 14, 2022 · 3 years agoBYDFi, a popular cryptocurrency exchange, recommends using the Bollinger Bands indicator on TradingView for analyzing cryptocurrency trends. The Bollinger Bands consist of three lines: the upper band, the lower band, and the middle band. The upper and lower bands represent the standard deviation of the price from the middle band. When the price touches the upper band, it suggests that the cryptocurrency is overbought and a price correction may occur. Conversely, when the price touches the lower band, it indicates that the cryptocurrency is oversold and a potential buying opportunity may arise. The Bollinger Bands are effective in identifying volatility and potential trend reversals in cryptocurrency markets.
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