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The Rise of Bitcoin Prices: What Does It Mean to You?

Nicholas Otieno

Posted on August 7, 2019 08:59

0 user

With the recent increase of Bitcoin prices, traders and investors can make significant share of profits. But you need to understand the game, which is simple and straightforward. Unfortunately, not everyone knows how to play the game. Here are four ways you can reap big on current Bitcoin trading.

For the first time four weeks, Bitcoin is trading above $12,000 and is showing gains for the eighth consecutive day.

Bitcoin is the top currency by market value and it rose above $12,000 at 06:45 UTC, which is the highest level since July 10th. This indicates that the digital currency is gaining significant momentum, and the latest winning run appears sustainable and promising to traders in the cryptocurrency market.

But what does all this mean to you?

Here are four ways you can now win big by trading Bitcoin:

Make It Simple

Now is the time you can capitalize on trading, but new traders seem to concentrate on the wrong things.

They focus on brilliant, green-light/red-light software, chase after the perfect trading system, or rely too much on useless indicators.

Professional traders understand that successful trading is a simple game to play. It’s about knowing how emotion drives the market rather than overloading your chat with fancy lines.

The greatest advantage to trading Bitcoin is that you’re trading in a market constituted majorly of individual traders and investors, so you can easily join the league and catch up.

Hook Up the Trend Early

The market is trending as it’s now stair-stepping up or down. It’s the easiest kind of trade for the majority of people to take advantage of and make serious money. The market has created a clear direction; therefore, you can trade by entering a position.

This means the market makes a run up, and you can capitalize on this (as the risk is quite low and the reward is high).

The only problem is that several traders are normally late to such a trend.

Trade On

In trading, returns are earned early to the game - never mind what price you’re buying at, provided that there’s somebody else to buy at a higher price than you.

Trends can shift on both sides of the market. You can have “bull trends,” where the market moves up, and you can have “bear trends,” where the market moves down.

Imagine it this way: bull trends represent the stairs up, and bear trends represent the elevator down. This is quite normal, so embark on the trade.

Identify the Trend

Of course, there is no single right way that you can identify the trend, but the two most vital factors you can rely on include volume and price action.

Volume is the amount of Bitcoin traded during a particular price bar. On the other hand, price action refers to analyzing the movement of price on a data/chart. 

With the healthy trend as it appears now, there should be steady price action with maintained or increasing volume.

Take Away

Trading Bitcoin is a game changer. It can be a great benefit for you, especially with the current favorable market trend. It doesn’t matter whether you are a seasoned professional or a noob - anybody can make profits in this market.

 

Nicholas Otieno

Posted on August 7, 2019 08:59

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Source: Mashable

It's been an intense month for Bitcoin. It's gone through several big changes — an upgrade and a currency split — all of...

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