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Author : Coindesk : No Date Specified.
Understanding Bitcoin Price Charts. Whether you already own bitcoin or plan to get some, sooner or later you’ll want to know how much the crypto coins are worth when converted to your currency of choice at https://www.coindesk.com/calculator/. Later you may want to know whether to hang onto your coins or to sell them – hopefully making a little profit in the process. However, analysing price charts and understanding trading terms from the financial world can be rather daunting, especially for the beginner. This guide serves as a useful primer of the basics. What is Bitcoin’s current price? The best place to find out the latest price of bitcoin (currency symbol: BTC or XBT) is the exchange you bought them from (Bitstamp at http://bitstamp.net/ Bitfinex at http://bitstamp.net/ and BTC-e at https://btc-e.com/ being the most popular exchanges at https://bitcoincharts.com/charts/volumepie/ at the moment), or Coindesk’s own Bitcoin Price Index at https://www.coindesk.com/price/. Knowing Bitcoin’s current price is one thing, but pretty soon you’ll want to know where prices will go in the future. Methods for predicting price trends. Forecasting price movements of anything traded at an exchange is a risky probabilities game – nobody is right all the time. Many traders have lost lots of money, if not their life savings, into such attempts. The two main approaches to predicting price development are called fundamental analysis at https://en.wikipedia.org/wiki/Fundamental_analysis and technical analysis at https://en.wikipedia.org/wiki/Technical_analysis.
While fundamental analysis examines the underlying forces of an economy, a company or a security, technical analysis attempts to forecast the direction of prices based on past market data, primarily historical prices and volumes found on price charts. Where to find bitcoin price charts. To perform technical analysis on bitcoin price and volume history, you’ll need bitcoin price charts that display data in a more readable manner than just plain number tables. Good places to start are the charts on Coindesk’s Bitcoin Price Index at https://www.coindesk.com/price/.To start with a simple price chart. The most basic type of price chart displays prices as a line. Closing prices of any given period of time (a month, a week, a day, one hour, etc.) are used to draw the price line. This kind of chart can be used to get a quick overview of what prices have been doing lately, but traders need more data to draw their conclusions. Trader’s choice: the candlestick chart. The most widespread type of chart among traders is the candlestick price chart. Candlestick charts at https://en.wikipedia.org/wiki/Candlestick_chart display more data than just the closing price: each ‘candle’ shows the opening price, the lowest and highest price of the given time-period as well as the closing price. In addition, the colour of the candle body indicates whether the closing price was higher than the opening price (usually a green bar, called an ‘up-bar’) or lower than the opening price (usually with a red body, called a ‘down-bar’).
The candlestick chart belongs to the family of OHLC (open high, low close) price charts, but there’s a multitude of other chart types/styles to suit any advanced trader’s preference. Another type worth mentioning is the non-time based (NTB) range chart. Beginners may find them less intuitive and more difficult to grasp, however. Candlestick price charts contain a lot of useful information for the skilled trader’s eyes, such as whether a candle’s spread is wide or narrow (illustrates the difference between high and low prices), where the closing price is relative to the high and low etc. Together with the patterns that groups of candlesticks form, this is what traders base their trend biases on whether it is either bullish (rising prices), bearish (falling prices) or ranging sideways. Other popular platforms with many of these features are Bitcoinity at https://bitcoinity.org/markets Bitcoin Wisdom at https://bitcoinwisdom.com/ Zeroblock at https://zeroblock.com/trading and TradeBlock at https://tradeblock.com/markets/.Where to go from here. Now that you’ve had an introduction to reading (bitcoin) price charts, a good idea would be to start following Bitcoin’s price development on a daily basis. You will inevitably start noticing certain regularities on the charts most probably the trending behaviour of prices.
Later on you might remember that this was the point in time where you were drawn into the art of technical price analysis at https://www.coindesk.com/trend-spotting-identify-trends-bitcoin-price-charts/.This guide is the first of a series contributed by Chris Cronimund at https://plus.google.com/+ChristophCronimund?rel=author. Introduction to Technical Analysis and Identifying Trends in Bitcoin Price Charts. Trends help predict price movements, but how does one identify a trend and draw it on a bitcoin chart? What Makes Bitcoin Exchanges Tick? An examination of the inner workings of a digital currency exchange to find out what moves Bitcoin’s price. More Services for Traders. Bitfinex is a trading platform for Bitcoin, Litecoin. It allows margin trading and margin funding. Users who sign up through us get a 10% fee discount for 1 month. Sign Up at https://coinde.sk/1Gv1BWP BitMEX claims to be Bitcoin’s fastest derivatives exchange. Up to 10x leverage. 10% fee discount for 6 months. Sign Up at https://coinde.sk/1LFBo9a. Magnr being a trading platform, also offers a savings account for bitcoin. Up to 10x leverage. Uses multi-sig wallets. Sign Up at https://coinde.sk/1jQn1TW. Etoro is a social trading network which allows you to invest in a bitcoin CFD. Etoro usually offer credits to new users upon their first deposit. Sign Up AT https://coinde.sk/1QqOZlP.
Read more about Bitcoin and The BitClub Network at https://mypr.co.za/learn-how-bitcoin-works-how-to-mine-litecoin-and-other-altcoins-lesson-20/.
From: Clyde Thorburn