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TagsWhat are the best RSI settings for analyzing 1-hour charts in the cryptocurrency market?
Jonathan KwonDec 25, 2021 · 3 years ago1 answersI am looking for the most effective RSI settings to use when analyzing 1-hour charts in the cryptocurrency market. Can you provide some insights on the best parameters to use for the Relative Strength Index (RSI) indicator in this specific timeframe? I want to optimize my trading strategy and make better decisions based on RSI signals. Any suggestions?
1 answers
- At BYDFi, we recommend using a 14-period RSI when analyzing 1-hour charts in the cryptocurrency market. This is a widely used default setting that provides a good balance between sensitivity and reliability. However, it's important to note that the best RSI settings can vary depending on the specific cryptocurrency and market conditions. It's always a good idea to backtest different settings and observe how they perform before making any trading decisions. Remember, finding the best RSI settings is just one piece of the puzzle. It's crucial to combine RSI signals with other technical indicators and fundamental analysis to make well-informed trading decisions in the cryptocurrency market.Dec 25, 2021 · 3 years ago
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