Do you know anyone can do crypto trading, but most traders fail to achieve their goals? You can get a better level of better understanding of the crypto market by learning about technical analysis first.
If you know about technical trading terms, then things will become so easy to implement in all ways.
Key Tools and Indicators
Candlestick Charts: For high and low price points, use these charts effectively. It’ll help you to know about new trends, better than line charts.
Moving Averages: For knowing about the direction of the trends, go for easy-out price data. You can start with 50 days or 200 days.
Relative Strength Index (RSI): To check and measure the speed of price movements, go for RSI. It will help you to know about all overbought or oversold conditions.
Volume Analysis: If you want to achieve big goals, understanding how volume plays an important part of a traders’ life will save you a ton of time in your growth as a trader.
Applying Technical Analysis
Identify Trends: To know more about the latest cryptocurrency trends, you can read the news for macro market movements, yet with technical analysis, you can use candlestick charts and indicators for additional insights based of the history of the price actions.
Set Entry and Exit Points: Support and resistance levels can help you in your trading. Make sure you know from where you’ll enter and exit your trades. Support and resistance trading is common depending on the macro context.
Use Stop-Loss Orders: If you have fear of prices falling, then make a setup to sell your position automatically. With this method, you’ll protect your investments easily without having to monitor the charts all the time.
Popular Crypto Trading Tools
Crypto Trading Bots: Before starting on bots, first find which one is best and aligns with your interests. In this way, you can conduct smooth crypto trading like an expert. Make it easy to pursue your goals by leveraging automation if you have an existing successful strategy.
Top-rated Crypto Exchanges: You can choose Binance and Coinbase for fast and secure trading, read upon which CEXs or DEXs is most appropriate for you.
Crypto Intelligence News: If you follow the daily top news, you can easily come up with relevant macro market insights that will help your technical analysis be more accurate. Make sure you have a solid approach.
Happy trading!
submitted by /u/solanasniffer
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