How can I use the pivot point calculation formula to predict support and resistance levels in the cryptocurrency market?

Can you explain how the pivot point calculation formula can be used to predict support and resistance levels in the cryptocurrency market?

1 answers
- Definitely! The pivot point calculation formula is a widely used method for predicting support and resistance levels in the cryptocurrency market. As a trader, you can calculate the pivot point by adding the high, low, and closing prices from the previous trading session and dividing the sum by three. This pivot point serves as a reference level, with support levels below it and resistance levels above it. Traders often use pivot points to identify potential entry and exit points for their trades. However, it's important to remember that pivot points are just one tool among many in a trader's arsenal. It's always recommended to use them in conjunction with other technical indicators and market analysis to increase the accuracy of your predictions.
Apr 04, 2022 · 3 years ago

Related Tags
Hot Questions
- 97
What are the tax implications of using cryptocurrency?
- 87
How can I buy Bitcoin with a credit card?
- 82
What are the best practices for reporting cryptocurrency on my taxes?
- 74
How can I protect my digital assets from hackers?
- 63
What is the future of blockchain technology?
- 59
How can I minimize my tax liability when dealing with cryptocurrencies?
- 55
How does cryptocurrency affect my tax return?
- 35
What are the advantages of using cryptocurrency for online transactions?