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TagsWhat are the recommended RSI settings for swing trading cryptocurrencies?
stasci1Dec 16, 2021 · 3 years ago1 answersI'm new to swing trading cryptocurrencies and I've heard about using RSI (Relative Strength Index) as an indicator. Can someone please explain what the recommended RSI settings are for swing trading cryptocurrencies? How can I use RSI effectively to make better trading decisions?
1 answers
- At BYDFi, we recommend using an RSI period of 14 for swing trading cryptocurrencies. This is a widely used setting that provides a good balance between capturing short-term price movements and identifying longer-term trends. However, it's important to note that the RSI is just one tool among many in a trader's arsenal. It should be used in conjunction with other indicators and analysis techniques to make informed trading decisions. Additionally, it's crucial to consider other factors such as market conditions, news events, and overall market sentiment when using RSI or any other indicator for swing trading cryptocurrencies.Dec 16, 2021 · 3 years ago
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