5 Tips for keeping up with Bitcoin Trading trends
As a Bitcoin investor, it doesn’t matter whether you are just getting your feet wet or you have been on the trading playing ground for the longest time you can recall. Either way, all you can anticipate is maximizing your wins and minimizing your losses. Being a famed cryptocurrency trader can be a rollercoaster-like experience. The volatility, a cautious investor will be as focused as a laser beam on the latest trends revolving around the pioneer cryptocurrency. Below are five pointers on how to keep up to the minute with the latest Bitcoin trading inclinations.
Join reliable Bitcoin social media discussion forums
There are various social media discussion forums, especially Reddit, where a lot of talk goes on regarding not only Bitcoin but also hundreds of other altcoins. By simply subscribing to a good subreddit, you will be guaranteed of the most informative news regarding every swing associated with the number one cryptocurrency. Telegram is yet another reliable social media platform upon landing a good channel, free of investors intoxicated with FOMO as well as malicious members who are out to scam or mislead others.
Utilize various reputable websites with the latest updates pertaining Bitcoin trading
There is a legion of websites that have specialized in monitoring the latest cryptocurrencies patterns including Bitcoin trading. Such websites, if reputable, can keep you updated with news detailing Bitcoin exchange. You can even go ahead and compare various redundant trends reported on the different websites to come up with the most comprehensive deduction regarding the Bitcoin market.
Master the art of interpreting charts
Many times, especially when it comes to dealing with various currency markets, words can never be enough in explaining the contemporary market trends. Statistical charts tend to be more useful in numerically and graphically unearthing past occurrences witnessed over a given virtual currency which can be analyzed and interpreted to forecast the most viable current and future trends. And if you are into trading bots, being king at explicating Bitcoin statistical charts could be your major source of accurate or near accurate cryptocurrency news.
Ask the experts who have dedicated their time to studying Bitcoin’s market trends
Since the inception of virtual currencies into the financial markets, there have been many upcoming experts specialized at analyzing Bitcoin market trends. Subscribing to their social media platforms, following their blogs, Youtube channels, or whatever medium they use to channel their opinions can be a major source of getting hold of the latest Bitcoin rumors. Moreover, it is advisable that you always compare opinions from different experts rather than religious take heed of a single crypto expert predictions.
Monitor the market behavior of various altcoins
Any significant changes in the prices of Bitcoin usually tend to affect multiple other altcoins either positively or negatively. For example, within the first quarter of 2018, the price of Bitcoin sharply plunged with more than 50% compared to its nearly $20,000 all time high market value , a situation that was witnessed in a series of other altcoins including Ethereum.