Cryptocurrency trading is a tricky affair, especially for new traders without adequate skills to navigate the market. To make it easy for even the first-timers to explore the market, RSI Hunter was born.
RSI Hunter is a digital platform that utilizes the Relative Strength Index (RSI) gathered from various crypto exchanges and displays them in a way that is easy for both amateur and seasoned traders to read and understand.
What Is the Relative Strength Index (RSI)?
RSI refers to the momentum oscillator that measures the speed and change in the price of cryptocurrencies. In the crypto space, RSI is a widely used indicator that helps traders to determine the change in behavior of cryptocurrency prices.
While several indicators exist in the market, RSI provides a keen insight into the oversold and overbought stock. Besides, it can do much more than just providing information. It can also produce different trading signals.
Traders prefer the RSI tool for being an all-in-one oscillator, which relieves them from using multiple oscillators to determine the momentum of the market.
How To Use RSI Hunter
RSI enables users to observe the divergences in the crypto market, such as tops, bottoms, and trend reversals. Traders can detect a divergence when the RSI presents highs and lows that are different from the highs and lows that come from the market price. This is one of the benefits of using the Relative Strength Index.
Improving Entries and Exits
Seasoned traders know how to fix their Entry and Exit is on a smaller window of time. This could be 15M or 30M. By so doing, traders can enter or exit when overbought or oversold accordingly.
Traders need to understand signals to have an idea of when to enter or to exit in a safe mode. The indicator gives traders Overbought if the RSI line touches or crosses the 70th mark. On the other hand, if the RSI line touches or goes below the 30th mark, it signifies Oversold. Apart from the 70/30 pattern, traders can also use the 80/20 or 85/15.
In addition to the mentioned signals, RSI can also provide traders with Bearish Divergence, which happens when the divergence takes the opposite direction to the price. In that situation, the RSI moves down, as the cryptocurrency price moves up. That should be the best time for traders to sell their stock.
The Relative Strength Index (RSI) is one of the most powerful indicators in the crypto market. Timely and efficient, RSI is an important tool for traders to adopt to help them trade their assets according to the readings it gives. Traders who have perfected the use of RSI can become experts.
The RSI Hunter
Now that traders know something about the RSI, it’s time to explore the RSI Hunter, which is a digital platform to help traders use the RSI. Cryptocurrencies that show as either oversold or overbought might be ready for correction, often taking the opposite direction of their prevailing price trends. The overbought assets could possibly move down while the oversold assets might move higher.
How RSI Hunter Helps
The main benefit of the RSI Hunter is that it brings everything under one roof, such that traders do not have to search through all the coins that might be displaying as oversold or overbought. This eventually saves time. The RSI indicator is a good starting point for traders and gets better when used in conjunction with other indicators.
- Source: First Appeared Here
- Published Time: 2019-06-04 06:00:42
The views and opinions expressed in the article What is RSI Hunter – Crypto Market Data Service Provider? do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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