Trading cryptocurrency on charts is a mistake! Yes, you heard that proper. Without the order e book data I’ll talk about on this video, in addition to different vital fundamentals, studying charts to commerce on crypto exchanges like Bittrex turns into a waste of time AND cash!
Installation of Chrome Extension for Enhanced Charts
Before diving into a few of fundamental data that is important to commerce on cryptocurrency exchanges (particularly Bittrex for this video) and taking a look at examples with Bitcoin, Ethereum and Litecoin, it is best to obtain the Bittrex Enhanced Chrome extension (URL at backside of description). The enhanced Tradingview charting instruments that the extension offers are much more helpful than the overly simplistic set offered by Bittrex. The ensuing coloration coded bars and candles make the charts a lot simpler for freshmen to interpret and perceive.
Common Mistake Beginners Make When Trading Cryptos
One of the largest and commonest errors made made by new crypto merchants is taking the costs on charts actually. If you study one thing from this tutorial, study this: DO NOT TRADE PURELY OFF THE CHARTS!
So what value supply do you have to be buying and selling off? Pure and easy, the order e book.
Bitcoin, the Order Book and Trade Volume
The first charting instance that we use to drive this level house on the video is Bitcoin (BTC). After introducing what the Bid and Ask costs for Bitcoin are on the buying and selling platform, I check out the order e book and analyze the shifting purchase and promote orders on it and the way far more correct your trades will develop into by focusing the e book in your commerce costs. In addition to utilizing order e book as an alternative of charts to commerce, we additionally contact upon the idea of commerce quantity and its relationship with market orders in addition to it is significance.
Ethereum Bar Chart Example
The key factor in terms of cryptocurrency charts is the bar. On the second instance, I concentrate on the foremost coin Ethereum (ETH). The opening, closing, excessive and low costs throughout a given time frame (the 15-minute timeframe was used on the video) make up every bar on the chart.
Litecoin Chart Understanding Candlesticks
The third and final examples introduces a candlestick chart. Even although the candlestick charts have the identical excessive and opening/closing values as a daily bar chart, it introduces the physique of the candle, which is visually much more intuitive than fundamental charts.
Conclusion of Basic Chart Reading Video
Once you perceive the ideas of utilizing the order e book and analyzing the amount data, you may go forward and begin practising with charts, which is the preliminary ingredient that almost all beginner crypto merchants give the vast majority of their consideration to.
Even although it is a very fundamental startup video, keep tuned for extra superior buying and selling and technique movies over the approaching weeks, which is able to aid you develop your cryptocurrency buying and selling toolset.
Please share this video with a buddy who’s studying the best way to commerce or needs to develop into a greater dealer, obtain the Bittrex Enhanced extension for extra superior charting beneath, and comply with us on Instagram and Facebook:
Bittrex Enhanced (Tradingview Charts): https://goo.gl/QMKnzw
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BTC – 13LiRV2XBANTT2QuEhtYTE38dg85YaThai
ETH – 0x6c257a94696819af580a22fd5f6b6818ac055f2e
LTC – LZE2cKwiTuh4FD2yU6qky1E7zbJmtcCG8h
ZEC – t1P2jacRH4V1W2hrkZfWgaqYzmU337UFVPh