What are some recommended RSI settings for day trading digital currencies?

3 answers

• Dec 05, 2021 · 3 years ago
  As a digital currency day trader, I recommend using the RSI indicator with a period of 14. This is a commonly used setting that provides a good balance between responsiveness and accuracy. It helps identify overbought and oversold conditions in the market, which can be useful for making trading decisions. However, it's important to note that RSI is just one tool among many, and it should be used in conjunction with other indicators and analysis techniques for a comprehensive trading strategy.
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• Dec 05, 2021 · 3 years ago
  When it comes to RSI settings for day trading digital currencies, there is no one-size-fits-all answer. It depends on your trading style and the specific digital currencies you are trading. Some traders prefer a shorter RSI period, such as 9 or 10, for more frequent signals, while others opt for a longer period, such as 20 or 30, for smoother signals. It's recommended to experiment with different settings and see what works best for you. Remember, trading is a dynamic process, and what works today may not work tomorrow.
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• Dec 05, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, suggests using the RSI indicator with a period of 14 for day trading digital currencies. This setting is widely used by professional traders and provides reliable signals for identifying potential buying and selling opportunities. However, it's important to note that RSI is just one tool in a trader's arsenal, and it should be used in conjunction with other technical indicators and analysis methods to make well-informed trading decisions. Remember to always do your own research and consider multiple factors before making any trading decisions.
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