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What are the recommended RSI settings for successful day trading of digital currencies?

avatarrooooooeDec 05, 2021 · 3 years ago1 answers

I am new to day trading of digital currencies and I have heard about the RSI indicator. Can you please provide some recommendations on the RSI settings that can help me be successful in day trading? What are the optimal values for the RSI period and the overbought and oversold levels?

What are the recommended RSI settings for successful day trading of digital currencies?
Digital Currencies
RSI Settings
Day Trading

1 answers

  • avatarDec 05, 2021 · 3 years ago
    When it comes to day trading digital currencies, the recommended RSI settings can vary depending on the individual trader's preferences and the specific digital currency being traded. However, a commonly used RSI period is 14, which means the indicator looks at the past 14 price periods. As for the overbought and oversold levels, values above 70 are often considered overbought, indicating a potential reversal in the price trend, while values below 30 are considered oversold, suggesting a potential upward price movement. It's important to note that these settings are not set in stone and can be adjusted based on the trader's risk tolerance and market conditions. Additionally, it's always a good idea to combine RSI with other technical indicators and analysis to make more informed trading decisions.

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