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TagsWhat is the impact of the point of confluence on cryptocurrency prices?
James SparraNov 28, 2021 · 3 years ago1 answersCan you explain how the point of confluence affects the prices of cryptocurrencies? What factors contribute to this impact?
1 answers
- At BYDFi, we believe that the point of confluence can have a significant impact on cryptocurrency prices. When multiple indicators or levels align at a specific price point, it can create a strong level of support or resistance. This can attract buyers or sellers and lead to significant price movements. However, it's important to note that the impact of the point of confluence is not guaranteed and should be used in conjunction with other analysis techniques. Traders should also consider the overall market sentiment and fundamental factors affecting the cryptocurrency in question. As always, it's important to conduct thorough research and analysis before making any trading decisions.Nov 28, 2021 · 3 years ago
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