My Top 3 Favourite Indicators for Technical Analysis of Cryptocurrencies
Curated from: medium.com
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Tips on indcators
- You don't need to use indicators to trade successfully but they are helpful and supplement your analysis.
- Less is more. The more successful traders have mastered only a couple of indicators and use them fully.
- Indicators should not be used a crutch.
2
7 reads
Ichimoku Cloud
Ichimoku Cloud is a complete indicator. It uses moving average data to show
- the trend of an instrument,
- the strength of that trend,
- dynamic areas of present and future support,
- etc.
Ichimoku Cloud is a more complete version of Moving Averages (MAs) or Exponential Moving Averages (EMAs).
It can be used in two ways:
- To see the direction of the macro trend.
- To find confluence with areas of support and resistance on your chart.
3
7 reads
Relative Strength Index (RSI)
RSI is a momentum oscillator mainly used by traders to figure out if an instrument is overbought or oversold. It is very straightforward but can pass on a lot of information when used to its full potential.
RSI can be used in two ways:
- To identify market top/bottoms and trend reversals.
- To narrow entries and exits.
3
4 reads
Volume
Volume is an indicator that shows the amount that an instrument was traded over a period. Volume is a strong tool to confirm traders' interpretation of price action.
Volume can be used in two ways:
- To confirm the validity of a chart pattern.
- To ascertain if the violation of a major support/resistance area is likely to stay.
3
6 reads
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