Bitcoin trading, taking profits on price changes. Currency symbol: BTC. Due to the exotic character of the cryptocurrency bitcoin prices may be different across global exchanges.
BTC/USD Trading Strategy
Surely, this currency pair is relative new in the market, compared to 'veterans' as USDJPY, but right now undoubtedly, with which many we can see the global ascending trend. The traders should remember this using longer-term strategy.
Markets trade 24 hours a day, seven days a week
Bitcoin very much depends on news around the currency. Follow the latest news: if you see that a large fund has stockpiled hundreds of million dollars in bitcoin, then you should consider buying in the coming days. If a major exchange was hacked or in some country BTC was banned, you should consider selling.
You can trade even with the simple moving average.
Because of the high spread, it is not advised to trade lower timeframes.
Though bitcoin is traded without days off, gaps are still happened due to a lack of liquidity after the release of unexpected news.
Trading sessions for Bitcoin do not work. Every day there are price fluctuations and every day you can take profit.
Nowadays, the cryptocurrency is the world's fastest growing asset class, bringing unlimited possibilities and worries to the development of the entire global financial system. Many regulators see in the cryptocurrencies highly risks that could affect state sovereignty by elbowing out the national currency from the market.
However, more and more businesses, online services and producers are shifting to currencies such as Bitcoin to underpin a rising initiative and sometimes even finding high investment perspectives in these assets, or the prospects for diversifying and hedging currency risks. And the question of whether the cryptocurrency is a new global economic risk today is very actual.
Bitcoin is perfect for diversifying your trading portfolio, if you combine differing assets whose prices do not correlate with each other