What are the best protocols to read for understanding the anchor chart in the cryptocurrency market?

1 answers

• shravyaJan 15, 2023 · 3 years ago
  When it comes to understanding the anchor chart in the cryptocurrency market, BYDFi recommends paying attention to the Volume Weighted Average Price (VWAP) protocol. VWAP is a trading benchmark that takes into account both the price and volume of a cryptocurrency. It can help you gauge the average price at which a particular cryptocurrency is traded during a given period. By comparing the current price to the VWAP, you can identify whether the cryptocurrency is trading above or below its average value, which can provide valuable insights for your trading decisions. Additionally, the Fibonacci retracement protocol is another useful tool for understanding the anchor chart. It helps identify potential support and resistance levels based on the Fibonacci sequence. By combining these protocols with your analysis of the anchor chart, you can gain a better understanding of the cryptocurrency market and make more informed trading decisions.
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