What moves Bitcoin’s price?
As a decentralised currency, bitcoin is free from many of the economic and political concerns which affect traditional currencies. But as a market still in its adolescence, there is a lot of uncertainty entirely unique to the cryptocurrency.
Any one of the following factors could have a sudden and significant impact on its price.
- Bitcoin supply
- BTC Market cap
- Industry adoption
- Key events
Bitcoin trading strategies
Take a position based on anticipated short-term movements, and close it out at the end of the trading day.
Catch trends the moment they form, and hold onto the position until the trend runs its course or shows signs of a reversal.
Place frequent, intraday trades on minor price movements.
Automate your trading processes to react to changeable market conditions on your behalf.
Steps to trading bitcoin
1. Open an account
Go on Phemex and open an account. It only takes few seconds to register.
2. Build a trading plan
A trading plan can help you make objective decisions even when the stake are high, so that you don’t leave trades open too long, or close them too early.
3. Do your research
Before you start trading, you need to make sure you’re up to speed with the latest bitcoin news, in order to best understand what’s next for the cryptocurrency’s price.
4. Place a trade
Once you’ve settled on your position, you’ll need to place a trade using our trading platform.
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