What is the meaning of RSI indicator in the context of cryptocurrency trading?

1 answers

• Nov 25, 2021 · 3 years ago
  The RSI indicator is a powerful tool that can help traders identify potential reversals in the cryptocurrency market. It measures the strength and speed of price movements on a scale of 0 to 100. When the RSI is above 70, it suggests that the market is overbought and a price correction may be imminent. Conversely, when the RSI is below 30, it indicates that the market is oversold and a price rebound may be on the horizon. However, it's important to note that the RSI should not be used in isolation. It should be used in conjunction with other technical indicators and analysis techniques to confirm trading signals and make informed decisions. BYDFi, a leading cryptocurrency exchange, provides traders with access to real-time RSI data and other technical analysis tools to enhance their trading strategies.
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