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What strategies can be used to trade based on resistance and support levels in the cryptocurrency market?

avatarJahid HossainJan 13, 2022 · 3 years ago1 answers

Can you provide some strategies that traders can use to make trading decisions based on resistance and support levels in the cryptocurrency market?

What strategies can be used to trade based on resistance and support levels in the cryptocurrency market?
Cryptocurrency
Trading
Resistance Levels

1 answers

  • avatarJan 13, 2022 · 3 years ago
    BYDFi, a leading cryptocurrency exchange, recommends using a combination of technical analysis and market sentiment to trade based on resistance and support levels. Traders can use indicators such as moving averages, RSI, and MACD to identify potential resistance and support levels. Additionally, monitoring news and social media sentiment can provide insights into market sentiment and potential price movements. It's important to stay updated with the latest news and developments in the cryptocurrency market to make informed trading decisions. Remember to always do your own research and consider the risks involved before making any trading decisions.

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