I have used many different platforms for trading, and many different techniques for reading charts. The information that follows is simply my personal opinion, and I don’t claim to be an expert in any way. I want to provide you with a quick-start guide, so you don’t have to spend years and years losing money while you learn like me.
Why Bittrex?
Interface, coin selection, and security. I am totally an interface snob; seriously, if I don’t think the website look/feel has been given enough consideration by the team behind it, I move on to another one. I may be wrong, but if an online company neglects the interface, they may have neglected other areas of their operation, like security.
I have spent quite a while day-trading, swing-trading, and holding coins for long term. Coin selection is important in every scenario. Why is coin selection important if you’re day-trading? Momentum. To be successful when trading, momentum is your friend. Typically, momentum is created when there is excitement about a given coin’s scarcity, upcoming event, or recent launch on an exchange. With momentum, you can be more comfortable when buying in, because there is a good chance the price will continue upward. However, reading a chart is important here because that momentum could come to a screeching halt, without any warning – especially if it’s a pump & dump.
Security is paramount; without it, none of the chart reading, research, or momentum will matter because everything will be stolen. I strongly recommend using a platform that is trusted by industry professionals, never been hacked (if possible), and have taken responsibility when issues arise on their platform. I have never heard anything negative about Bittrex Exchange, and they use many security features that provide me with a high comfort level. For example, they utilize Two-Factor Authentication and IP Whitelisting for withdrawals. I HIGHLY recommend implementing these features ASAP. There is nothing worse than signing in to your account only to find everything has been stolen.
Time Periods
Depending on what your goals are, you will need to utilize Daily, Weekly, and/or Monthly charts. If you’re interested in day-trading, you will probably want to focus on Daily charts, paying attention to metrics like RSI and candlesticks. If you’re interested in swing-trading or long-term trading, you’ll want to utilize Weekly and Monthly charts, where you’re looking for trendlines and Moving Averages.
Resources
Since I’m not an expert, and don’t claim to be in any way, here are a few links to point you in the right direction:
For those of you interested in making a quick buck (hopefully not losing a quick buck because of this stellar article), check out stockcharts.com for their definitions and examples of Chart Patterns. Personally, I am a big fan of the bull pennant. If you’re okay with waiting a few months for your gains, check out trend lines and moving averages.
Conclusion
There are many ways to make money trading cryptocurrencies, and I have made money both long term and short term. If you want to learn more about how I use bittrex charts, send us a message on Twitter or join our newsletter for exclusive content. Hint: In the very near future, I am going to provide a step-by-step guide to how I made a very large profit a few weekends ago from the very basic knowledge I have outlined here. Again, I am not a financial adviser, and I am not responsible for your gains or losses
This article was originally posted here:
https://cryptofizz.com/bittrex-how-to-read-charts/