How can I determine the best moving average for day trading digital currencies?
I'm new to day trading digital currencies and I want to use moving averages to help me make better trading decisions. How can I determine the best moving average to use for day trading digital currencies? What factors should I consider when choosing a moving average? Are there any specific moving averages that are commonly used in the cryptocurrency market?
1 answers
- gabriel spelarSep 15, 2024 · a year agoAt BYDFi, we recommend using the 50-day and 200-day moving averages for day trading digital currencies. These moving averages have been widely used in the cryptocurrency market and have proven to be effective in capturing long-term trends. However, it's important to note that no moving average is foolproof and should be used in conjunction with other technical indicators and analysis. It's also important to regularly review and adjust your moving average settings as market conditions change.
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