Are there any recommended indicators to use with renko charts for trading cryptocurrencies?

1 answers

• mahesh Goud ChintuApr 08, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recommends using the Bollinger Bands indicator with renko charts for trading cryptocurrencies. The Bollinger Bands consist of three lines - the upper band, the lower band, and the middle band. The upper and lower bands are based on the standard deviation of price movements, while the middle band is typically a simple moving average. The Bollinger Bands can help identify potential overbought and oversold conditions, as well as volatility expansion and contraction. When the price touches or crosses the upper band, it may indicate that the cryptocurrency is overbought and due for a potential reversal. Conversely, when the price touches or crosses the lower band, it may indicate that the cryptocurrency is oversold and due for a potential upward move. However, it's important to note that the Bollinger Bands should not be used in isolation and should be used in conjunction with other indicators and analysis techniques.
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