Can the auto support and resistance indicator on TradingView help identify potential price levels for buying or selling cryptocurrencies?

3 answers

• Burks EllisMay 08, 2023 · 2 years ago
  Yes, the auto support and resistance indicator on TradingView can be a useful tool for identifying potential price levels for buying or selling cryptocurrencies. This indicator automatically plots support and resistance levels on the chart based on historical price data. Traders can use these levels as potential entry or exit points for their trades. By identifying areas where the price has historically found support or resistance, traders can make more informed decisions about when to buy or sell cryptocurrencies. However, it's important to note that no indicator can guarantee accurate predictions of future price movements, and traders should use the support and resistance levels as just one tool in their overall analysis.
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• Hede RileyFeb 04, 2021 · 5 years ago
  Definitely! The auto support and resistance indicator on TradingView is a great tool for identifying potential price levels for buying or selling cryptocurrencies. It helps traders visualize areas where the price has historically shown support or resistance, which can be valuable information for making trading decisions. By using this indicator, traders can identify key levels where the price may reverse or consolidate, and plan their trades accordingly. It's important to combine this indicator with other technical analysis tools and indicators to get a comprehensive view of the market and make more accurate predictions.
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• Elber .com1234 SanchezJul 23, 2021 · 4 years ago
  Yes, the auto support and resistance indicator on TradingView can help identify potential price levels for buying or selling cryptocurrencies. This indicator uses algorithms to automatically detect and plot support and resistance levels on the chart. These levels can act as important price zones where the market is likely to react. Traders can use these levels to set their entry and exit points, as well as to manage their risk by placing stop-loss orders. However, it's important to remember that no indicator is perfect and should be used in conjunction with other analysis techniques to make well-informed trading decisions.
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