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TagsWhat are the common indicators used to determine support and resistance in the bitcoin market?
Gbenga AyelesoDec 17, 2021 · 3 years ago1 answersCan you provide some insights into the commonly used indicators that traders rely on to identify support and resistance levels in the bitcoin market? How do these indicators work and what are their significance in determining market trends?
1 answers
- In the bitcoin market, support and resistance levels can be determined using various indicators. Some commonly used indicators include the Ichimoku Cloud, the Volume Profile, and the Average True Range (ATR). The Ichimoku Cloud is a comprehensive indicator that provides information about support and resistance levels, trend direction, and momentum. The Volume Profile shows the volume traded at different price levels and can indicate areas of support or resistance. The ATR measures the volatility of bitcoin and can help identify potential support and resistance levels. These indicators, along with others like the RSI and moving averages, can be used in combination to get a more comprehensive view of the market and make better trading decisions. Remember, it's important to use these indicators as tools and not rely solely on them for making trading decisions.Dec 17, 2021 · 3 years ago
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