Btc Trading Analysis

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Btc Trading Analysis

BTC USD (Bitcoin / US Dollar)

This is the most popular Bitcoin pair in the world. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of Bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls this cryptocurrency and everyone can take part. Bitcoin price grew significantly within a short period of time making the BTC/USD pair quite popular among active traders and investors. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Bitcoin (BTC) Price Analysis – Daily Updates

Chart Analysis

Bitcoin Price Analysis: $9000 Incoming? BTC’s After Another Failure To Break Critical Resistance

How to read Bitcoin charts?

Bitcoin charts usually present the progress of the price using Japanese candlesticks. Each candle represents a specific time-frame (depends on the chart) and is showing the open, close, and price range during that time-frame.

On top of that, the chart usually contains a variety of technical analysis indicators . The most popular are support and resistance levels, trend-lines, Relative Strength Index (RSI), Fibonacci retracement levels.

What affects the price of Bitcoin?

Just like any other traded asset, the Bitcoin price is affected by supply and demand, as simple as that. However, the occurrence of certain global fundamental events could have a relation to the value of Bitcoin: During the year of 2020, for example, India’s banknote demonetization had a positive effect on Bitcoin. In India, the price of the cryptocurrency was trading 20% higher than the rest of the world.

If we go to recent years, the 2020 bull-run could be related to Facebook announcing on the Libra project. The bull-run started losing momentum as news regarding Libra’s regulation’s hardness started popping on the news.

Besides the major global events, there are some Bitcoin heavy-bag holders, which are also known as Bitcoin Whales. They are holding thousands of BTC’s, and that is enough to create large enough daily price maneuvers.

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