What is the pivot point formula used in cryptocurrency trading?

3 answers

• Espinoza MoonJul 22, 2023 · 2 years ago
  The pivot point formula is a widely used tool in cryptocurrency trading. It is calculated by taking the average of the high, low, and closing prices from the previous trading session. The pivot point itself represents a level of support or resistance, depending on the direction of the market. Traders often use pivot points to identify potential entry and exit points for their trades. When the price is above the pivot point, it is considered bullish, and when it is below the pivot point, it is considered bearish. Additionally, there are several other levels derived from the pivot point formula, such as the first resistance and support levels, which can provide further insights into the market's sentiment.
  713

  357
• ajay fundkarOct 10, 2023 · 2 years ago
  Ah, the pivot point formula, a classic tool in the cryptocurrency trading arsenal! It's actually quite simple. You take the sum of the high, low, and closing prices from the previous trading session, and then divide it by three. This gives you the pivot point, which is a key level that traders look at to gauge market sentiment. If the price is above the pivot point, it's a bullish sign, and if it's below, it's bearish. But wait, there's more! The formula also gives you additional levels of support and resistance, which can help you identify potential entry and exit points for your trades. So, keep an eye on those pivot points, my friend!
  645

  215
• McClanahan BeckerDec 29, 2023 · 2 years ago
  The pivot point formula used in cryptocurrency trading is a handy tool for traders to determine potential support and resistance levels. It is calculated by adding the high, low, and closing prices from the previous trading session and dividing the sum by three. This calculation provides the pivot point, which is a crucial level that can indicate the overall market sentiment. Traders often use pivot points to identify possible entry and exit points for their trades. It's important to note that the pivot point formula is not exclusive to any particular exchange or platform. It can be applied to any cryptocurrency trading scenario, including those on BYDFi, Binance, or other exchanges. So, keep an eye on those pivot points and use them wisely in your trading strategy!
  776

  194