Cryptocurrency - Wikipedia

Published Oct 27, 21
4 min read

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A correction is simply when candles or price bars overlap. You’ll find trending prices move quickly, but corrections, on the other hand, will not. Let’s say on your cryptocurrency chart at 250-minute candles, you see 25 candles where the price stays within a 100 point range. If the price contracted to a daily move of just 20 points, you’d be seriously interested and alert.

This tells you there is a substantial chance the price is going to continue into the trend. You should then sell when the first candle moved below the contracting range of the previous several candles, and you could place a stop at the most recent minor swing high. It’s simple, straightforward and effective.

Technical Analysis Analyse historical price charts to identify telling patterns. History has a habit of repeating itself, so if you can hone in on a pattern you may be able to predict future price movements, giving you the edge you need to turn an intraday profit. For more details on identifying and using patterns, see here.



Rules Many governments are unsure of what to class cryptocurrencies as, currency or property. The U.S in 2014 introduced cryptocurrency trading rules that mean digital currencies will fall under the umbrella of property. Traders will then be classed as investors and will have to conform to complex reporting requirements. Details of which can be found by heading to the IRS notice 2014-21.

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Once you’ve programmed your strategy, the bot will get to work, automatically executing trades when the pre-determined criteria are met. There are two benefits to this. Firstly, it will save you serious time. You won’t have to stare at charts all day, looking for opportunities. Trade execution speeds should also be enhanced as no manual inputting will be needed.

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That means greater potential profit and all without you having to do any heavy lifting. Risks Having said that, bots aren’t all plain sailing. If you want to avoid losing your profits to computer crashes and unexpected market events then you will still need to monitor your bot to an extent.

Whilst there are many options like BTC Robot that offer free 60 day trials, you will usually be charged a monthly subscription fee that will eat into your profit. They can also be expensive to set up if you have to pay someone to programme your bot. On top of that, you’ll need to pay to have your bot updated as the market changes.

Key Points Think of this as your guide to day trading cryptocurrency and you’ll avoid most of the hurdles many traders fall down at. When choosing your broker and platform, consider ease of use, security and their fee structure. There are a number of strategies you can use for trading cryptocurrency in 2021.

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Finally, keep aware of regional differences in rules and taxes, you don’t want to lose profit to unforeseen regulations. Further Reading .

When looking for the , cryptocurrency probably doesn’t even hit your mind. But, it should. Cryptocurrency is one of the fastest-growing digital assets. Backed by the blockchain and enabled for trading, it effectively offers multiple means for anyone looking to make a good income online. There are multiple ways in which you can , some of which don’t even need you to invest anything but your time and efforts.

Best Ways to Make Money with Cryptocurrencies1. Staking, Staking refers to the process of investing or locking up your funds in a crypto-coin and earning new cryptocurrencies in the form of interest. In addition, you also get the benefit of price appreciation when you choose to hold your coins for a specific period.

You buy a crypto-coin, wait for the price to increase, and sell for profits. 4. Investing, Investing is, of course, the easiest way to earn with cryptocurrencies. You can earn in a cryptocurrency in numerous ways, through exchanges, ICO (initial coin offering), or direct investment/partnership. Crypto investment can earn you returns not only through price appreciation of the coin/token you purchase but also through your share in the project.

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5. Bonus Coins/Tokens, Participating in bonus/airdrop offers is another nice way to earn with cryptocurrencies and doesn’t even require you to invest in anything. All you have to do in order to earn some free/bonus coins is join the airdrop or bounty program of a cryptocurrency and perform some easy tasks.

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6 - crypto trading. Referral, A crypto referral program is a very common and really good way to earn cryptocurrencies. Most often, you’ll not even need to invest anything in order to refer and earn with a project. You can simply register on the website, get your unique referral link and start referring and earning.

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