What is the best method to calculate pivot points for digital currencies?

alkaliMay 26, 2022 · 3 years ago1 answers

I'm interested in learning about the most effective way to calculate pivot points for digital currencies. Can you provide some insights on the best method to use? What factors should be considered when calculating pivot points for digital currencies?

Digital Currencies

Pivot Points

Cryptocurrency

1 answers

May 26, 2022 · 3 years ago
At BYDFi, we recommend using the standard pivot point formula to calculate pivot points for digital currencies. This formula takes into account the high, low, and closing prices from the previous trading session and provides a good starting point for determining support and resistance levels. However, it's important to note that pivot points should not be used as the sole basis for making trading decisions. They should be used in conjunction with other technical indicators and analysis techniques to confirm trends and identify potential entry and exit points. Remember, successful trading requires a comprehensive approach that takes into account multiple factors and strategies.