What is the Best Time Frame Chart for Crypto Day Trading?
While there are many different time frames to choose from, one of the most basic is the daily chart. The daily chart is the most popular and is best for most traders, but if you want to increase your trading potential, you should also use the four-hour chart. While you’re looking at the daily chart, you can also look at the trendline price levels to identify key areas of support and resistance.
Another way to make use of the time frame chart is to analyze a cryptocurrency’s longer-term trend. Long-term holders aren’t interested in short-term trends. They believe the industry is poised for massive investment in the future. When this investment hits, demand will rise and prices will continue to rise. This is one of the reasons why multiple time frames can be useful for a new investor.
When choosing a time frame chart, consider the main time frame, the secondary time frames, and the ones above and below it. Ideally, you should use the long-term chart to define the trend and provide a trading signal, and then the intermediate-term chart to refine your entry. The main idea is to use all three time frames in conjunction with each other, but do not get caught up in the short-term chart’s noise.
One minute charts are best for intraday trending, but they also require great discipline. Traders must know what to look for. A highly volatile stock may break the previous day’s high, which means its momentum is strong and the next higher low is an excellent time to enter a trade. When this happens, the risk of losing money is minimal and the potential is high. One minute charts are also ideal for determining major trends.
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