What are some tips for interpreting the volume shelf data on TradingView for cryptocurrency trading?

3 answers

• Nov 24, 2021 · 3 years ago
  Sure, interpreting volume shelf data on TradingView can be a valuable tool for cryptocurrency traders. The volume shelf represents the cumulative volume at specific price levels. By analyzing the volume shelf, you can identify areas of high liquidity and support/resistance levels. Higher volume levels indicate stronger support/resistance levels, while lower volume levels suggest weaker levels. Additionally, pay attention to the shape of the volume shelf. A flat or ascending shelf indicates a strong support level, while a descending shelf suggests a potential resistance level. Remember to consider other technical indicators and market trends to make informed trading decisions.
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• Nov 24, 2021 · 3 years ago
  Interpreting volume shelf data on TradingView can be overwhelming at first, but with practice, it becomes easier. Start by identifying the highest volume levels on the shelf, as they represent significant support or resistance levels. Look for clusters of volume at specific price levels, as these can indicate areas of interest for traders. Additionally, observe how the volume shelf changes over time. If you notice an increase in volume at a particular level, it could suggest a potential breakout or reversal. Remember to combine volume analysis with other technical indicators to confirm your trading decisions.
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• Nov 24, 2021 · 3 years ago
  When it comes to interpreting volume shelf data on TradingView, BYDFi offers a unique perspective. BYDFi's algorithm analyzes the volume shelf data in real-time and provides insights into market sentiment and potential price movements. By using BYDFi's platform, traders can gain an edge in their cryptocurrency trading strategies. The platform's intuitive interface and comprehensive analysis tools make it easier to interpret volume shelf data and make informed trading decisions. Whether you're a beginner or an experienced trader, BYDFi can help you navigate the complexities of volume analysis and improve your trading performance.
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