What are some common mistakes to avoid when using pivots indicator in the cryptocurrency industry?

3 answers

• Mar 23, 2022 · 3 years ago
  One common mistake to avoid when using pivots indicator in the cryptocurrency industry is relying solely on it for making trading decisions. While pivots indicator can provide valuable insights, it should be used in conjunction with other technical analysis tools and indicators to make more informed decisions. It's important to consider the overall market conditions, news events, and other factors that can impact the price of cryptocurrencies. 😉
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• Mar 23, 2022 · 3 years ago
  Another mistake to avoid is not adjusting the pivot levels based on the specific cryptocurrency you are trading. Different cryptocurrencies have different price patterns and volatility, so it's important to customize the pivot levels accordingly. Using generic pivot levels may not accurately reflect the price movements of a particular cryptocurrency. 🤔
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• Mar 23, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, suggests that one common mistake to avoid when using pivots indicator is not considering the timeframe. Pivots indicator can provide different levels of support and resistance based on the timeframe you are analyzing. It's important to choose the appropriate timeframe that aligns with your trading strategy and goals. Additionally, it's recommended to regularly review and adjust the pivot levels as market conditions change. 👍
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